LAHORE: After the federal budget for fiscal year has been presented, Punjab will now present the budget for the next fiscal year 2020-21 today on Monday.
Punjab Chief Minister Usman Buzdar held a special session of the provincial cabinet earlier today and approved the budgetary proposals.
Provincial Finance Minister Hashim Jawan Bakhat will present the budget in the provincial assembly session being held at a local hotel at 2:00 this afternoon.
A spokesperson of the provincial Finance Department in a statement said for the first time, the budget proposals have been prepared with consultation of all stakeholders.
According to budgetary proposals, the funds for South Punjab have been barred from being used for development projects in other cities or any other part of the province.
The Punjab government will present a budget of Rs2.222 trillion today in the provincial assembly with an expected total annual development outlay of Rs338.5 billion. The Punjab Sales Tax is expected to be slashed to 5 percent for the majority of services.
Health and education have been treated as priority sectors in budget preparation. The provincial budget proposes allocating Rs. 125 billion for primary health and Rs.130 billion for specialised health sector.
Moreover, Rs323 billion has been allocated for school education, Rs132 billion rupees for the Police Department along with 17 percent raise in salaries. The budget documents have not recommended a raise in salaries and pensions for government employees.
The budget proposes recruitment on 8519 health vacancies in the province. It has also included Rs10 billion rupees allowance for health professionals fighting with the coronavirus pandemic.
It also suggest allocating Rs30 billion rupees for small and medium business sector along with 15 billion rupees tax relief package. The economic impact of the COVID-19 pandemic will be seen in the forthcoming fiscal year and the government has downward revised revenue targets for the fiscal year 2020-21
On the other hand, Sindh will present the budget for the next fiscal year on Wednesday. The provincial government is amending ruled to hold an online session for the budget as the number of coronavirus keeps rising in the province.
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