Rs50 billion of existing debt has been repaid
PESHAWAR - Khyber Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur on Sunday claimed that when his government assumed office, the provincial treasury only had enough funds to cover 15 days of salaries.
However, through effective financial management, the government has presented a surplus budget of Rs. 169 billion over the past year. Without imposing any new taxes, provincial revenues have increased by Rs. 55 billion, Rs. 72 billion in outstanding payments have been cleared, and an additional Rs. 30 billion has been allocated for development projects. Speaking at a press conference on Sunday evening, where he outlined the government’s one-year performance, the Chief Minister said that the province was burdened with Rs. 752 billion in debt when they came to power. Yet, over the past year, not a single rupee in new loans was taken. Instead, Rs. 50 billion of existing debt has been repaid. He added that the provincial government has established a Debt Management Fund with an initial allocation of Rs. 30 billion, which will be increased to Rs. 50 billion by the end of this year. The chief minister highlighted that the government is focusing on sectors with high potential. He pointed out the vast net hydel power generation capacity within the province, which is now being harnessed. By 2028, the province aims to significantly increase its own electricity production. A transmission line project worth Rs. 18 billion is underway to supply this electricity at lower rates to local industries, which will foster industrial growth and create job opportunities. During Ramazan, the provincial government will disburse a Rs. 20 billion package to support deserving households. Over the past year, all scholarships and stipends have been doubled. The zakat payment has been raised from Rs. 12,000 to Rs. 25,000, while the financial assistance provided for dowries has been increased from Rs. 25,000 to Rs. 200,000. The chief minister said that endowment funds have been established to make deficit-running institutions financially independent, including universities and Water and Sanitation Services Companies . He expressed confidence that by the end of the year, these institutions will be standing on their own feet. Gandapur stressed that the increase in provincial revenues was not due to new taxes but was a result of plugging financial leakages and improving governance. He also addressed the issue of incomplete development projects that were dragging on for years, leading to ballooning costs and losses to the public exchequer. “We have identified these projects and prioritized their completion within this fiscal year,” he said. US calls for better access to Korean market, South Korean trade minister saysOil rebounds 1% to end week steady amid prospect of Ukraine ceasefire100 acres of land allocated for Danish University: PM
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