Ishaq Dar ap­proves Rs 1,292.549m in­cen­tive grant for provinces

The Pak Banker - - FRONT PAGE -

IS­LAM­ABAD: Fi­nance Min­is­ter Sen­a­tor Muham­mad Ishaq Dar has ap­proved re­lease of Rs. 1,292.549 mil­lion in­cen­tive grant for im­me­di­ate ap­por­tion­ment among the provinces for the July-Septem­ber quar­ter of CFY 2015-16.

As ap­proved Pun­jab will re­ceive Rs. 271.714 mil­lion, Sindh Rs. 204.772 mil­lion, KP Rs. 313.680 mil­lion while Baluchis­tan's share is Rs. 502.383 mil­lion. It may be re­called that the CCI on July 31, 2013 had de­cided that the provinces will be al­lowed rate of re­turn on their sur­pluses at the rate of lat­est T-Bills rate, main­tained for a min­i­mum of three months. In ac­cor­dance with the de­ci­sion, the in­cen­tive grant is re­leased to the provinces on quar­terly ba­sis.

Mean­while, Fi­nance Min­is­ter, Sen­a­tor Mo­ham­mad Ishaq Dar chaired a meet­ing of se­nior of­fi­cials of Min­istry of Fi­nance to re­view the sta­tus of prepa­ra­tion of bud­get 2016-17.

The meet­ing was ap­prised about the sched­ule of prepara­tory ac­tiv­i­ties. Sec­re­tary Fi­nance on the oc­ca­sion pre­sented a com­par­a­tive anal­y­sis of the rev­enue and ex­pen­di­ture po­si­tion in the cur­rent year (2015-16) bud­get and made sug­ges­tions on the strat­egy to be adopted for the next fi­nan­cial year i.e. 2016-17.

The meet­ing was in­formed that bud­get call cir­cu­lars had al­ready been is­sued to Min­istries and de­part­ments con­cerned to un­der­take their prepa­ra­tions ac­cord­ingly.

Fi­nance Min­is­ter ex­pressed sat­is­fac­tion on fis­cal re­sults for the first eight months of the CFY 2015-16. He stressed con­tin­ued vig­i­lance on ex­pen­di­ture in line with rev­enue re­ceipts so that the bud­getary tar­gets are achieved with­out fail. Fi­nance Min­is­ter em­pha­sized that the na­tional se­cu­rity, re­ha­bil­i­ta­tion of TDPs, poverty re­duc­tion, en­ergy and in­fra­struc­ture de­vel­op­ment con­tinue to be the pri­or­i­ties of the govern­ment and the bud­get 2016-17 should re­flect th­ese pri­or­i­ties. He also stated that govern­ment's fo­cus on ac­cel­er­ated and in­clu­sive eco­nomic growth should re­main as the guid­ing prin­ci­ple dur­ing the bud­get mak­ing process.

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