Quarterly receipts: Centre releases Rs four billion to Sindh government

Federal government has released Rs 4 billion to Sindh government in the head of quarterly receipts, it is learnt on Wednesday. Reliable sources inside the Finance Ministry told Business Recorder that federal government has released Rs 4 billion in the head of quarterly receipts, adding that 80 percent total expenditures of Sindh government are running on the quarterly receipts of federal government while provincial government generates only 20 percent on its own.
Federal government has issued this amount on the request of Sindh government as Sindh Caretaker Finance Minister Shakaib Qureshi spent two days in Islamabad holding meetings with the representatives of federal government, they added. Shakaib met with federal secretary finance, Chairman FBR and others and discussed financial issues with them, they said.
Sources claimed that federal government has to pay around Rs 70 billion to Sindh in the head of quarterly receipts. Shakaib asked them for release of overall amount as Sindh is facing cash problem. The province is also preparing its Annual Development Programme (ADP) 2013-14 besides FY14 Budget, they added. Federal government has released Rs 4 billion initially while more money would be released very soon, they said.
Shakaib has also requested federal government to increase Sindh Over Draft (OD) limit. They assured Shakaib that federal government would request the SBP in this regard, sources added. The minister also raised the issue of gas and electricity loadshedding in industrial units of Karachi with federal representatives, sources said.
Shakaib who also holds the portfolio of Sindh Revenue Board (SRB) met with FBR Chairman and asked him to release more than Rs 2 billion of SRB to the Sindh government. The FBR authorities assured him that the amount would be released after the authentication of Pral, sources said.
When contacted, Shakaib Qureshi told Business Recorder: "yes, I held meetings with Federal government authorities to take up financial matters. He said the authorities had always co-operated with Sindh and this time they released Rs 4 billion immediately."
He said Sindh is not facing any financial crisis....there is problem of cash flow. If the federal government releases more money and the FBR the tax money of SRB, Sindh would meet its cash flow requirements easily. He hoped that Sindh's resources would be enhanced in next fiscal year and the caretaker government is trying hard to make the base of revenue collection strong.