Punjab Assembly Cabinet approves Rs1.2tr budget outlay for FY15-16
LAHORE: A Rs1.22 trillion estimated provincial budget outlay for the fiscal year 2015-2016 (FY15-16) was approved by the Punjab Assembly Cabinet on Friday.
The budget allocates over Rs400 billion to development, Rs290bn to education, Rs800bn to non-development expenditure, Rs31bn to the power sector, Rs119bn to the social sector, Rs5bn to roads, and Rs39bn to the services sector.
Punjab government officials told Pakistan views on Thursday that the annual development budget would focus on mega infrastructural projects in the road, transport and energy sectors like the Orange Metro Line for Lahore, Lahore Ring Road southern loop, an LNG-based power project, a Metro Bus project for Multan, and the Farm to Market roads project. It is expected to allocate Rs10bn each for these projects during the next financial year.
Following Punjab Chief Minister Shahbaz Sharif's approval in the cabinet, the approved budget is set to be presented to the Punjab Assembly.
The FY15-16 budget will be presented by Dr Ayesha Ghous-Pasha, who will become the first female finance minister to do so.
The development outlay for FY15-16 will be Rs54bn less than the size the provincial government had envisaged in its rolling, three-year medium-term development framework (MTDF). The MTDF had pitched development investment in the province at Rs454bn.
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