One-year performance report presented to Buzdar: Punjab to have Rs 233 billion surplus money till FY-end

Punjab Finance Minister Hashim Jawan Bakht has said that at the end of the current fiscal year, Punjab would have surplus money of Rs 233 billion.

He expressed these views during a meeting with Punjab Chief Minister Sardar Usman Buzdar held here on Tuesday. On the occasion, he presented one-year performance report to the CM. Punjab Finance Secretary Abdullah Sumbal was also present.

The minister briefed the CM that Punjab government has fixed the target of collecting Rs 388 billion through its resources and pointed out that the target for the current fiscal year is 44.6 percent more as compared to 269 billion rupees target of the previous financial year.

"During the previous year, 32 percent funds were allocated for social sector development while this fund has been enhanced to 41 percent during the current year," he said.

He also said that the government has started restructuring exercise of different departments to improve the organizational capacity and subsidies would be made realistic under this programme.

"In the first phase, reorganization of WASA would be done within the next two to three years," he added.

He informed the CM that 19 percent increase was witnessed in the registered taxpayers of Punjab Revenue Authority due effective steps taken to harmonize the rate of taxes. He said that 17 meetings of Cabinet Standing Committee on Finance and development were held in one year alone and 448 agenda items were disposed of.

"The cabinet committee on finance and development has saved around Rs 7.7 billion by rejecting additional funds demands of different departments. Similarly, the Finance department has actively performed to ensure effective utilization of funds. So far, savings around Rs 21.5 billion was made by rationalization of different departments' funds' demands," he added.

He further said that 60 new branches of Bank of Punjab have been opened, including 17 branches in southern Punjab.

"The Bank of Punjab earned a record profit of Rs 7 billion during the first biannual of the current year. As a result, the total value of Bank of Punjab assets has reached around Rs 8 billion," he added.

The CM appreciated the one-year performance of the Punjab Finance department and directed to strictly implement austerity policy along with bringing further decrease in unnecessary expenditures and following the financial discipline in the province.

He said that development of the social sector is an important priority area of the Punjab government, adding that a huge amount has been allocated first time for this sector.

"The government has adopted different steps to increase resources and additional resources around Rs 25 billion have been collected as a result of organizational restructuring and adoption of other initiatives," he added.

He said eight percent funds were allocated for health sector during the last fiscal year while 15 percent funds have been reserved for the betterment of healthcare facilities during the current financial year. He also said the Punjab is implementing new programmes to facilitate the common man.

"Easing the economic burden on less-privileged under Ehsaas programme is the mission of the government," he added. He pointed out that the government has started a unique programme to bring ease in the business-related activities and the citizenry would submit their taxes relating to 12 provincial departments online.

Copyright Business Recorder, 2019