Maintained better financial management despite challenges: KP finance minister

By Muhammad YaseenPublished On 05 Jan 2023

Khyber Pakhtunkhwa Finance Minister Taimur Jhagra has said that despite difficult financial conditions, the province has maintained better financial management.

Jhagra told a post-budget press conference in Peshawar on Saturday that the budget was presented at a time when the economy has been badly affected by the ongoing COVID-19 pandemic. He added that no new tax had been imposed in the budget.

He said Rs5 billion has been allocated to create new posts. He also hoped that revenue will be increased from Rs31 billion to Rs36 billion.

The finance minister said that Rs124 billion has been allocated for the health sector and Rs207 billion for education. He also said that Rs318 billion has been allocated in the budget for development works and copies of the budget are being printed in all regional languages.

Jhagra added that the payment of arrears of net profit of hydropower needs to be resolved. The province is governed through taxes, oil and gas royalties and the money received from the districts. A reduction in one of the three sectors affects the overall revenue of the province.

He said that due to the coronavirus, the payment of arrears of net profit of hydropower has also been affected, therefore it was necessary to take a loan.