Lahore: The Punjab government has registered a growth of 44%, with revenue generation of PKR 77 billion, during the first quarter of the existing tax year (2019-20), as compared to figures from last year, according to news sources.
These figures were announced in a first-quarter performance review meeting of the finance department of the Chief Minister Special Monitoring Unit, chaired by Finance Minister of Punjab Makhdoom Hashim Jawan Bakht.
The meeting was informed that the government had offered an additional budget of PKR 233 billion to the province to overcome its financial backlog and to meet the federal government’s requirements to uplift Pakistan’s International Monetary Fund (IMF) ranking.
The meeting was also informed that a PKR 388 billion revenue target (44% higher than last year) was set for Punjab in the ongoing tax year. As per the source, the cabinet approved the rationalisation of the subsidy for the Water and Sanitation Agency (WASA) and transport departments.
The meeting was told that the Punjab Revenue Authority (PRA) registered a 19% growth and that the austerity committee secured PKR 1.1 billion schemes from different resources.
Additionally, Minister Jawan Bakht instructed the secretary finance to present WASA and Housing issues before the resource mobilization committee.