Jawan Bakhat terms FY 2019-20 year of economic growth

LAHORE: Punjab Finance Minister Hashim Jawan Bakhat has said that the fiscal year 2018-19 was the year of economic reforms and stability while 2019-20 is a year of economic growth, ARY News reported.

Chairing a high-level meeting at the Finance Department, Jawan Bakhat said that the Punjab government focused towards austerity, reduction in non-development expenditures, balance and social protection.

In a statement issued by the Directorate General Public Relations, he maintained that as a result of the reforms introduced by the Punjab government provincial own revenue source increased and revenue target of Rs 388 billion against revise estimates of Rs 269 billion of the fiscal year 2018-19 an increase of 44.6 per cent achieved.

Jawan Bakhat said the efficient management of development budget in 2018-19 was resulted in budget releases increased from 70 per cent in 2017-18 to 96 per cent in 2018-19 which increased budget utilization from 65 per cent in 2017-18 to 90 per cent in 2018-19.

All-time high additional resource mobilization of Rs 24.91 billion through innovative measures was also achieved. Further, austerity measures and reprioritizing of expenditure resulted in saving of Rs 55 billion by reducing non-salary current expenditures, read the statement.

No overdraft limit was consumed and zero pending liabilities at the close of FY 2018-19 and no litigation on that account, the minister said and added that these improvements constituted the stepping stone for more purposeful action in the ongoing fiscal year 2019-20.

He said that the government attracted Rs 42 billion from private sector investment through Public-Private Partnership (PPP) for the development projects in the province.