2019-20 is year of economic growth

LAHORE:Punjab Finance Minister Hashim Jawan Bakhat has said fiscal year 2018-19 was the year of economic reforms and stability while 2019-20 is the year of economic growth.

He said the Punjab government focused on austerity, reduction in non-development expenditures, balance and social protection. He said the efficient management of development budget in 2018-19 was resulted in budget releases increased from 70 percent in 2017-18 to 96 percent in 2018-19 which increased budget utilisation from 65 percent in 2017-18 to 90 percent in 2018-19. Further, no overdraft limit was consumed and zero pending liabilities at the close of FY 2018-19 and no litigation on that account. These improvements constituted the stepping stone for more purposeful action in the ongoing fiscal year 2019-20.

The minister chairing the review meeting of the Finance Department here on Wednesday observed that austerity and fiscal prudence were exercised on non-development expenditures side and major focus on regional equalisation and social protection on the development side were given in the budget 2019-20.

As a result of the reforms introduced by the Punjab government provincial own revenue source increased and revenue target of Rs 388 billion against revise estimates of Rs 269 billion of fiscal year 2018-19 an increase of 44.6 percent achieved. All-time high additional resource mobilisation of Rs 24.91 billion through innovative measures was also achieved. Further, austerity measures and reprioritizing of expenditure resulted in saving of Rs 55 billion by reducing non-salary current expenditures.

The government launched Ehsaas Punjab to mitigate the adverse impact of macroeconomic challenges on vulnerable groups through a comprehensive social protection program. Additionally allocations for the social protection were increased from 32 percent in FY 2017-18 to 41 percent in ongoing fiscal year 2019-20. Further allocations for health sector were increased to 15 percent. The government reserved 35 percent of ADP for South Punjab and this development funds could not be used anywhere in the province expect South Punjab.

The government attracted Rs 42 billion from private sector investment through Public Private Partnership (PPP) for the development projects in the province. Further, provision of estimated provincial surplus of Rs 233 billion was budgeted and committed under an MoU, in support of the federal government’s commitments with IMF.

assumes charge: Shamim Asif has assumed the charge of the post of managing director of Punjab Education Foundation (PEF).

He is a grade 20 officer belonging to the Provincial Management Service (PMS). He has served in many departments and autonomous bodies.

After assuming the charge of the post, Shamim Asif was briefed about the working and expansion plans of the foundation in a meeting held at the PEF head office.

Addressing the meeting, he asked the programme heads to strive for achieving the organisational targets.

Earlier, PEF Chairman Wasiq Qayum Abbasi formally welcomed the new MD and hoped that his appointment would help advance the mission of education promotion.