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