LAHORE: Punjab government has utilised Rs 50 billion in the first half of the fiscal year 2011-12 out of total released Rs 125 billion.
A spokesman for the Punjab government on Friday said that the financial condition of the province was sound during first half of financial year. He said the government did not receive any new loan from State Bank of Pakistan (SBP) during last two years. The older loan is being repaid according to agreement signed with the SBP. Further, the government has been opening each month with a surplus. January 2012 was opened with a surplus of Rs 8.0 billion, he added. The spokesman said that due to structural mismatch between federal receipts (which are 80 per cent of the total receipts of the provincial government) and provincial expenditure, the government had allowed a uniform and formula based overdraft limits to all provinces.
The receivable amount from the federal government was between Rs 25 billion and 30 billion. If these funds are received lump sum and future receipts of NFC Award from the federal government are received in time, there may not even be any requirement to access the overdraft. He said the federal government had borrowed an amount of Rs 826.0 billion during the current financial year from SBP and commercial banks.
A spokesman for the Punjab government on Friday said that the financial condition of the province was sound during first half of financial year. He said the government did not receive any new loan from State Bank of Pakistan (SBP) during last two years. The older loan is being repaid according to agreement signed with the SBP. Further, the government has been opening each month with a surplus. January 2012 was opened with a surplus of Rs 8.0 billion, he added. The spokesman said that due to structural mismatch between federal receipts (which are 80 per cent of the total receipts of the provincial government) and provincial expenditure, the government had allowed a uniform and formula based overdraft limits to all provinces.
The receivable amount from the federal government was between Rs 25 billion and 30 billion. If these funds are received lump sum and future receipts of NFC Award from the federal government are received in time, there may not even be any requirement to access the overdraft. He said the federal government had borrowed an amount of Rs 826.0 billion during the current financial year from SBP and commercial banks.
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