Budget 2023-24: Rs102.86b likely to be allocated for power sector

The federal government is expected to allocate Rs102.86 billion for the power sector projects in the upcoming budget 2023-24, citing sources, ARY News reported on Sunday.

Rs102.86 billion allocations have been recommended for the projects of power sector in the new fiscal year 2023-24. It has been recommended to launch 32 new schemes in the power sector.

The projects included the construction of 1,200 MW solar power plant near Haveli Bahadur Shah, Rs14.1 billion for the CASA 1000 project, Rs12.5 billion for power transmission from Suki Kinari hydropower project, Rs1 billion each for improving the power distribution in Multan Electric Power Company  (MEPCO) and Hyderabad Electric Supply Company (HESCO).

Moreover, it was recommended to allocate Rs4.41 billion for power transmission from Dasu hydropower project, Rs3 billion for advance metering infrastructure in Islamabad Electric Supply Company (IESCO) and Rs2.32 billion for Supervisory Control & Data Acquisition (SCADA) in the National Power Construction Corporation (NPCC).

Read: Govt approves Rs1100bn development budget for next fiscal year

Yesterday, Finance Minister Senator Ishaq Dar assured that despite economic challenges, the government was determined to provide a business and investment-friendly environment in the country through the upcoming budget for Fiscal Year 2023-24.

“In order to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon”, the finance minister said.

Ishaq Dar made the assurance during a meeting with a delegation of the Pakistan Stock Exchange (PSX) led by Farrukh Hussain Khan, MD/CEO PSX.

Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousif Tola, Governor SBP, Chairman FBR, and senior officers from Finance Division, FBR, and PSX attended the meeting.

The delegation appreciated the initiative of the Finance Minister for taking on board all the stakeholders while preparing the budget for the upcoming Fiscal Year 2023-24.

The delegation also brought to the notice of the finance minister various challenges being faced by the capital markets and investors and presented recommendations to be taken into account in the upcoming Federal Budget 2023-24.

Ishaq Dar acknowledged and appreciated the role of PSX in providing a reliable, orderly, liquid and efficient digitized marketplace for investors in Pakistan.