PESHAWAR: Khyber Pakhtunkhwa Minister for Finance Taimur Saleem Jhagra on Saturday said that despite difficult economic situation in the wake of the coronavirus pandemic, the provincial government presented a balanced and tax-free budget for the next financial year.
Addressing a post-budget press conference along with advisor to the chief minister on information Ajmal Khan Wazir at the provincial secretariat here, he said that Khyber Pakhtunkhwa had not received money from the Centre on the head of net hydel profit (NHP) from February 2020 because of which the province had faced serious economic constraints.
In the wake of shortcomings in tax collections by the federal government, the minister said Khyber Pakhtunkhwa's Rs150 billion from the National Finance Commission (NFC) award had been deducted from the outgoing financial year 2019-20.
Furthermore, a shortfall of Rs160 billion in provincial revenue receipts was being faced owing to the coronavirus pandemic. The minister said a record allocation of Rs148 billion had been made for the health sector. He added that a huge chunk of Rs207 billion had been allocated for the education sector to improve the socioeconomic conditions of the people.