Tag: allocation

  • Punjab cabinet approves annual budget 2022-23

    Punjab cabinet approves annual budget 2022-23

    On Monday, the provincial cabinet adopted the annual budget for the fiscal year 2022-23, as well as yearly development funds.

    The cabinet passed a Rs 3.226 trillion budget bill for 2022-23 with approval of amended estimates for 2021-22 at a meeting chaired by Punjab Chief Minister Hamza Shehbaz.

    In addition to raising pensions, the meeting approved an increase in salary for provincial employees. Employees were also approved for a 15 per cent special allowance.

    A memorandum of understanding (MoU) for delivering free drugs to cancer patients across the province was approved at the session.

    The meeting also ratified the decisions made at the Punjab cabinet’s previous meeting.

    The chief minister praised the work of provincial ministers, the chairman of the planning and development committee, the secretary of finance, and other authorities in creating the best budget documents.

    He stated that the budget included concrete steps to provide true relief to the public.

    The cabinet has approved a Rs164.26 billion budget for infrastructure development projects. A total of 177 billion rupees has been set allocated for the development of roads.

    In the meantime, the cabinet authorised a planned allocation of Rs164.26 billion for infrastructure development projects. One hundred and seventy-seven billion rupees has been set aside for road construction.

    According to the records, Rs27.63 billion has been put aside for irrigation, Rs5 billion has been set aside for energy, and Rs41.4 billion has been set away for production.

    The provincial finance ministry has proposed allocating Rs29.5 billion for public buildings, as well as more than Rs21 billion for urban development.

    The government of Punjab has set aside Rs14.77 billion for agriculture, Rs4.5 billion for forests, approximately Rs1 billion each for wildlife and fisheries, and nearly Rs4 billion for the livestock and dairy sectors. While Rs6.2 billion has been set aside for governance and information technology (IT).

  • Coming budget 22-23 will improve Pakistan’s IT sector

    Coming budget 22-23 will improve Pakistan’s IT sector

    Prime Minister (PM) Shehbaz Sharif emphasised the importance of drafting an economic strategy during the day-long Pre-Budget Business Conference on Tuesday, stating that all stakeholders should work together to develop a framework for attaining economic growth.

    During his speech, the PM stressed the importance of financial management in order to boost exports and agricultural yields. The meeting was attended by senior economists, industrialists and was organised by the government to explore avenues of consensus-based economic initiatives, according to APP.

    “All of us will have to move collectively. The government will need guidance from stakeholders and experts. The government will form a taskforce on agriculture and exports for formulating comprehensive plans,” he said.

    PM Shehbaz stated that his government had about 15 months to implement short and medium-term economic initiatives.

    He was disappointed that Pakistan was lagging behind other countries, despite the fact that the rest of the world had excelled by following their development plans. He claimed that Pakistan was endowed with talented individuals capable of replicating India’s success in the IT sector.

    PM Shehbaz announced that he had assigned Minister of Information Technology Aminul Haque the objective of increasing IT exports to $15 billion in the next two years. “We cannot progress until we set ambitious targets,” he stressed.

    Syed Amin Ul Haque pledged on Tuesday to increase information technology exports to $5 billion by the end of 2023.

    For the coming fiscal year, several IT and telecommunications programmes have been proposed in this regard.

    According to sources, these projects include 31 existing and two new ones, for which the Pakistani government would give Rs4,438.696 million and foreign aid will provide Rs1,042 million.

    Budget allocation for IT sector

    Reportedly, an amount of Rs100 million is proposed for IT professional certification through the Pakistan Software Export Board, while Rs80 million is planned for Crime Analytics and Smart Policing. In Azad Jammu and Kashmir and Gilgit-Baltistan, Rs50 million has been suggested for demand-driven industry, while Rs179 million has been earmarked for the building of a data centre to provide cloud-based services.

    PM Shehbaz warned that development plans could not be implemented unless political stability was achieved. The premier also stressed the importance of concentrating on exports and developing the agricultural sector.

    He went on to claim that he was aiming to ‘fix’ friendly country relations that had deteriorated during the previous administration’s tenure. “I have invited China, Japan, Turkey, and other countries to invest in Pakistan,” he said. He invited the corporate community to join him in this endeavour.

    Meanwhile, Finance Minister Miftah Ismail stated that the government will require $41 billion in the next 12 months and that he is ‘confident’ that this can be achieved.

    The Shehbaz Sharif government, he added, has re-engaged with the International Monetary Fund (IMF). “We spoke with them and are extremely optimistic that we will reach an agreement with the IMF soon. That is something we are extremely certain about”.

    Moreover, he explained that the present coalition administration had made difficult measures to help the economy stabilise. “It is difficult for any prime minister to authorise a fuel price hike of twice the amount we have, but we were losing Rs84 per litre on diesel and Rs69 per litre on petrol”.

  • Plan under consideration to increase govt officials’ salaries by 5 to 15 per cent

    Plan under consideration to increase govt officials’ salaries by 5 to 15 per cent

    In an attempt to lessen the impact of inflation, the government is considering raising salaries by 5 to 15 per cent in the upcoming fiscal year’s budget, according to The News, following the Pay and Pension Commission’s inability to submit a report ahead of the next budget, which led to the prime minister’s decision to grant another extension.

    The deadline for submitting the Commission’s recommendation is being extended to June 30, 2022, as per a statement released by the Finance Division.

    According to top official sources, the former PTI-led government gave a 15 per cent allowance to officials in grades 1 to 19, effective March 1, 2022.

    The new Shehbaz Sharif-led administration, on the other hand, pledged a 10 per cent rise in the pension and a 25,000-per-month minimum wage.

    A Finance Ministry official stated that in the future budget, pay for grades 1 to 19 may be boosted by another 5-10 per cent as an adhoc allowance. Employees in grades 20 to 22 could see a pay raise of 10 per cent to 15 per cent.

    In addition, due to increased inflationary pressures, the government may boost pensions by 5-10 per cent. The Regulation Wing of the Ministry of Finance has completed its internal work in this regard. It was also resolved to form a Pay and Pension Commission, which would make recommendations.

    The commission was established by the PTI-led government in April 2020, and its chairman was former Secretary of Finance Abdul Wajid Rana. He resigned, however, and former bureaucrat Nargis Sethi was named Chairperson of the Pay and Pension Commission. She later quit as well.

    The Pay and Pension Commission was then chaired by Zafar Ahmed Khan, who was chosen by the government. So far, the commission has requested two extensions but has yet to present its recommendations.

    The text box was included in the Pay and Pension Commission’s terms of reference, which included studying the adequacy of the existing basic pay scale system and evaluating the current salaries of government employees.

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    It also includes making recommendations for streamlining existing classification from BPS 1-22, studying the separation of existing basic pay scales for dedicated departments, occupations/cadres, reviewing special scales such as management grades, management position scales (MP Scales), special professional pay scales (SPPS); project pay scales, and proposing measures for uniformity and improvement, reviewing admissible regular allowances, special incentives, and all other supplementary pay scales.

    The panel was tasked with identifying current shortcomings in the Pension Scheme and making recommendations for a corrective revision along with ensuring the current model’s long-term viability and recommending a system with clear timelines that is more efficient and sustainable given the available resources.