Federal govt allocates Rs437 billion to institutions in FY 2024

The federal government of Pakistan has allocated substantial financial aid to various government institutions during the first half of fiscal year 2024, ARY News reported, quoting the Ministry of Finance.

According to reports, during the first half of fiscal year 2024, a total of Rs437 billion was provided as support to various government entities in Pakistan, as reported by the Ministry of Finance.

Out of this, Rs232 billion was allocated as subsidies to public sector institutions in Pakistan. Additionally, from July to December 2023, grants amounting to Rs120 billion were also provided to government institutions in Pakistan.

In the first half of the previous fiscal year, government institutions in Pakistan were given Rs85 billion in loans. Among the major recipients of subsidies, Sui Southern Gas Company in Pakistan received Rs47 billion, while MEPCO (Multan Electric Power Company) was allocated Rs42.56 billion.

Other notable entities in Pakistan that received subsidies include LESCO (Lahore Electric Supply Company) with Rs26.24 billion and HESCO (Hyderabad Electric Supply Company) with Rs18.34 billion. The Utility Stores Corporation of Pakistan received Rs11.63 billion in subsidies.

Furthermore, during the first half of fiscal year 2024, Power Holding received a grant of Rs88.52 billion, while Pakistan Railways received Rs27.5 billion, and the National Highway Authority (NHA) was allocated Rs4 billion in grants.

In addition to grants, the federal government of Pakistan also extended loans, providing more than Rs25 billion to NHA and Rs35.54 billion to Pakistan Steel Mills.

Other recipients included JENCO-II with Rs16.53 billion, NTDC (National Transmission & Despatch Company) with Rs6.1 billion, Printing Corporation with Rs1.2 billion, and Radio Pakistan with Rs210 million. MEPCO, PESCO, and LESCO also received loans during this period.

According to a report issued by the Pakistan Bureau of Statistics on December 27, several items in Pakistan have seen significant price increases, while others have become more affordable over the past year.

According to the report, tomatoes have seen a notable price hike, with a 138.53 percent (pc) increase. The price of ladies’ sandals rose by 75.09pc, and potatoes became 61.17pc more expensive. Lentils, too, experienced a price surge, with chana dal increasing by 51.17pc and mung dal by 31.51pc.

Powdered milk saw a 25.62pc increase, while beef prices rose by 24.28pc. Garlic became 17.27pc more expensive, and cooked lentils went up by 15.10pc. Gas charges in Pakistan have also risen by 15.52pc, and firewood prices climbed by 13.14pc.

On the other hand, some essential items became cheaper. Flour decreased by 36.20pc, onions fell by 31.21pc, and chili powder became 20pc more affordable. Eggs saw a 12.89pc price reduction, and lentils (masoor) dropped by 11.18pc. Basmati rice became 7.98pc cheaper, and moong dal decreased by 6.27pc.

Fuel prices also saw a drop, with petrol becoming 5.64pc cheaper and diesel falling by 7.49pc.