Balochistan presents Rs152 bn deficit budget for 2010-11
QUETTA: Announcing Rupees 152.1 billion tax free Balochistan Budget for provincial year 2010-11 in provincial assembly here Monday afternoon, provincial Finance Minister Mir Asim Kurd Gailo claimed to have presented the largest budget on account of its size in history of Balochistan.
Delivering his budget speech in provincial assembly which was live telecast by PTV and broadcast by Radio Pakistan, Asim Kurd Galloo said that the size of proposed financial budget for the year 2010-11 is 152.1 billion. The current expenditure estimates are 83.440 billion while capital expenditure estimates are 41.810 billion which include Rupees 4.00 bill of foreign project assistance. Similarly he added the total estimates of receipts are 144.910 billion including Rupees 115.520 bill of Revenue Receipts and 29.390 Billion of capital receipts.
In such a case the budget deficit for the new financial year will be Rupees 7.10 billion which will be bridged through provincial resources. He said Pakistan and particularly people of Balochistan are facing a hard time. No doubt 2009-10 was a year of ordeals and challenges for government and people of Balochistan.
Unfortunate acts of terrorism and target killing of innocent precious human lives besides hampering the economic activity indeed made affairs difficult for us in governance and development arenas. We as coalition government have proved that despite these challenges one can deliver if the will and dedication is inherent in governance for the betterment of the people. While He said provincial government under the able political leadership of the Chief Minster Nawab Muhammad Aslam Raisani stood to its comments to the people.
While assuming the responsibilities, we inherited major constraint of a huge liability in the shape of over draft which initially decelerated our capability to resolve public issues. We faced the challenge and adopted a suitable strategy by persuading the federal government to assume the liability and emanate sufficient fiscal space to undertake our governance and development goals. Federal government realizing the problem waived off the liability worth Rupees 17 billion which is a historic intervention, we take pride in.
Tarin Reveals Agreed NFC Formula
December 11, 2009 by Trend PK
Filed under Breaking News
LAHORE, Pakistan News: The government formally announced the National Finance Commission (NFC) Award after long-drawn-out negotiations that continued for three days.
Addressing a news conference here, Federal Finance Minister Shaukat Tarin revealed the draft for inter-provincial sharing of funds on while chief ministers of all the four provinces have agreed upon.
Tarin said the 56 pc would be distributed among the provinces from divisible pool. He said the federation would now enhance its resources besides slashing expenses.
He said 82 pc distribution of the resources would be done on the basis of population.
Tarin said Sindh would get 6 billion rupees from the share of federal government, adding that Balochistan would get 9 pc of the share and that it would get 83 billion rupees in the wake of special needs.
It has been agreed that provinces would collect the tax from now, he said. “Services of tax is a provincial matter and the provinces would decide it now their self.”
Earlier, Chief Minster Punjab Mian Shahbaz Sharif on the occasion said that the four provinces had agreed over the news formula, adding that “After restoration of the judiciary in Pakistan, it is second gift for the nation.”
For the past two decades distribution of national resources had been carried out under a single point population based formula. The new award, however, will employ multiple criteria, including inverse population density and poverty.
The 7th NFC Award meeting came to an end that continued for three days under the chairmanship of Shaukat Tarin.
On Thursday, the provinces failed to firm up the formula for inter-provincial (horizontal) distribution of funds from the federal divisible pool even after long-drawn-out negotiations that continued till late in the night on the second day of the NFC meeting.
The differences between Punjab and Sindh on revenue were blamed for the delay in the finalisation of the formula.
Reportedly, the intervention of the chief ministers, especially of Punjab and Sindh, had helped negotiators make significant progress and prevent a deadlock between the federating units.
Tarin Reveals Agreed NFC Formula was first posted on December 11, 2009 at 9:43 pm.
