Punjab government collects Rs 77 billion with 44pc growth in 1Q

The Punjab government has collected Rs 77 billion with 44 percent of growth in the first quarter of ongoing fiscal year as compared to the corresponding period of the last year despite tough conditions for the provinces by the federal government to get share in federal divisible pool of resources.

This was disclosed in the first quarter review meeting of the finance department of Chief Minister Special Monitoring Unit chaired by Punjab Finance Minister Makhdoom Hashim Jawan Bakhat attended by Minister for Industry and Trade Mian Aslam Iqbal, head of SMU Fazeel Asif, Secretary Finance Abdulah Sumbal and other official concern.

The meeting was briefed that despite the financial backlog left by the previous government, the government has given Rs 233 billion surplus budget in order to meet the financial requirements of the federal government to meet the IMF programme conditions.

It was informed that Rs 388 billion revenue collection target was fixed for the Punjab during ongoing fiscal year 2019-20 which is 44 percent higher than the last fiscal year. The 13th meetings of the resources mobilization committee got approved Rs 41 billion worth schemes through cabinet. Rationalization of the subsidy was also approved for WASA and transport departments. The Punjab Revenue Authority (PRA) registered 19 percent growth in revenue besides aligned the real time invoice monitoring system with FBR STRIVE system.

Further, provisional committee for 9th NFC award was also constituted. The cabinet committee for finance and development logically rejected Rs 7.7 billion supplementary grants besides disposing off 488 agendas of the 17 meetings. The austerity committee ensured saving of Rs 1.1 billion from different schemes.

The finance department achieved a milestone of launching of E-Pay application for the payment of all taxes which is the first ever in Pakistan. The E-Pay Punjab will also helpful in improving the ease of doing business in the province.

Hashim Jawan Bakhat directed the secretary finance to bring the issues of WASA and housing projects in resource mobilization committee meeting besides ensuring the importance and usefulness of the suggestion of revenue generation of the resource mobilization committee to all elected representatives.

Aslam Iqbal criticized the performance of the Bank of Punjab and stressed the need of promoting the SMEs, ease loans for housing schemes, agriculture loans and adopting the culture of commercialization. Earlier, the minister chaired the meeting of Communication and Works and approved the second phase of Naya Pakistan - Manzilan Assan project.

Copyright Business Recorder, 2019