Punjab caretaker setup unveils budget for four months

The Punjab caretaker government on Monday announced the budget for the next four months (July-October 2023), until the federal government is dissolved and general elections are called.

Caretaker Information Minister of Punjab Amir Mir said that the provincial government intends to post Rs400 million surplus by the end of the fiscal year while the caretaker government will leave the charge of the province in October 2023 with Rs112 million surplus.

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He added that the government has embarked on a strategy to pay off Rs600 billion in interest to banks on account of wheat harvesting.

As per the budget document, general revenue receipts are projected at Rs1.08 trillion during the four months in question, while tax receipts will amount to Rs131.2 billion.

Moreover, non-tax receipts are estimated at Rs62.1 billion and current capital receipts will stand at Rs16.9 billion.

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The province also expects to receive Rs27.1 billion in foreign project assistance.

As for expenditure, the provincial government intends to spend Rs721.9 billion under the head of current expenditure with Rs158.4 billion planned to be spent on salaries.

Moreover, Rs117 billion will be spent on pensions while Rs29 billion will be used to pay interest.

The capital expenditure in the province will stand at Rs277.2 billion and development expenditure will be Rs325 billion during the four-month period.

The Punjab government also announced 5% increase in pensions and 30% increase in pay of government employees.

The caretaker government assumed charge of the province in January 2023.