Business
Caretaker Punjab govt approves Rs2072 bln budget for next fiscal quarter
The major part of the budget which is Rs350 billion will be allocated for ongoing development projects in Punjab.
Lahore: The caretaker Punjab Cabinet Monday approved the budget of Rs2072 billion for next fiscal quarter, GNN reported.
According to sources, the major part of the budget which is Rs350 billion will be allocated for ongoing development projects in Punjab.
The sources told that the focus of development budget will be the construction of infrastructure. It was reported that Rs1650 billion will be allocated for non-development expenses.
The non-allocated 40,000 posts from Grade1-4 will not be operational anymore. It is important to note that Punjab government had commitment with International Monetary Fund (IMF) on the behalf of federal government that they will save Rs336 billion annually for which Rs112 billion will be saved by removing these posts.
According to article 126 of constitution, the caretaker provincial government can only pass the budget on quarterly basis. The previous budget tenure is ending on October 31 and the summary of new quarter will be sent to governor of Punjab for approval.