KP Government Presents PKR 462 Billion Budget for four months of FY 2023-24

KP Government presents budget for 2023-24 - ahgroup-pk

KP Government Presents PKR 462 Billion Budget for four months of FY 2023-24
Peshawar: The Khyber Pakhtunkhwa (KP) government has recently released a four-month budget (July 1 to October 31) totaling PKR 462.426 billion.

The new budget has allocated PKR 8.667 billion for the Annual Development Programme, PKR 1.263 billion for Foreign Project Assistance (FPA), and PKR 10.333 billion for the Accelerated Implementation Program of Newly Merged Areas (NMAs).

The total authorized spending for the four months is PKR 350.041 billion. Of this amount, PKR 309.498 billion has been set aside for current expenses that have already been paid, while PKR 40.543 billion has been designated for current expenses in the NMAs. On the development side, the authorized spending for this period is PKR 112.385 billion, with PKR 92.122 billion allocated for expenses already paid and PKR 20.263 billion set aside for development in the NMA.

During the fiscal year 2022-23, the wage bill of the province has increased significantly by PKR 58 billion. This increase is due to the mass regularization of employees following the merger of FATA with KP and payments to project employees. To improve the financial well-being of its workforce, the government has announced a 35% ADHOC relief allowance for employees in BS 1-16 and a 30% allowance for employees in BS 17 and above. Additionally, all pensioners will receive a 17.5% increase in pensions.

To ensure responsible financial management, the caretaker government has implemented certain restrictions. These restrictions include prohibiting initiating new projects or hiring new personnel, purchasing vehicles (except for ambulances, fire trucks, and earth-moving machinery), attending government-funded workshops and seminars, and limiting medical treatments abroad at government expense.
It is worth noting that the caretaker government has been careful not to take out any loans or overdrafts, even though they anticipate a budget deficit of PKR 4 billion in the current fiscal year. They project the budget for 2022-23 to be around PKR 815 billion.

For the latest Real Estate News and Blogs, visit AH BLOG.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *