Funds allocated for Karachi's development projects not sufficient: PBIF chief

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that Rs 7.3 billion budget allocated for ongoing development projects of Karachi and Rs 5 billion for Karachi mass transit project is just a mere and cannot suffice the city's need. Considering the economic importance of Karachi, it should have at least Rs 30 billion, it needs reconsideration, he suggested
While talking to the business community, he said that no new tax have been imposed in budget of Rupees 1144 billion presented by the provincial government with approved budget for the first quarter of the FY 2018-19, for which Chief Minister Sindh deserves congratulations. Mian Zahid Hussain said allocating just 25 crore rupees for renovation of Karachi Fish Harbour cannot bring desired results. Estimated revenue collection for the Fiscal Year 2018-19 is Rs 923 billion in which the province will contribute up to Rs 223bn while the rest will be paid by Federal Government. Expenditure is estimated by Rs 1117 Billion extending the tax deficit to Rs 175 Billion, which worth consideration and supporting measures.
He said that target for agriculture tax collected during the current year was Rs 1Bn, while for upcoming fiscal year, the target is set to be Rs 2Bn. Property tax target for the coming fiscal year is Rs 7.68 Billion but it is worth stating that the current year target of Rs 6.3 Billion could not achieved. If the targeted 714 development schemes get completed in the current year, it would be a miracle.
Rs 105Billion has allocated for security, for education the budget has set to be Rs 24.39 Billion while Rs 72 Billion is allocated for the local government cannot meet the requirements of the province.
The total estimated cost of K-4 is Rs 25.5 billion for which a mere Rs 4.26 billion is allocated in the provincial budget, which is too low considering the importance of project. Budget for sanitation and water supply is increased from Rs 7.9 billion to Rs 14.1 Billion, which is appreciated.