Gilgit-Baltistan Finance Minister Muhammad Ismael presented a robust budget exceeding Rs140 billion for the upcoming fiscal year 2024-25 in a session chaired by G-B Assembly Speaker Nazir Ahmed.
Key Highlights:
- Non-Development Expenditures: A significant portion of Rs86.6 billion proposed, with Rs68 billion expected from federal grants.
- Development Allocation: Rs34.5 billion earmarked for development schemes, including Rs20 billion for ongoing projects under the Annual Development Plan.
- Sectoral Allocations: Rs19.72 billion for wheat procurement, Rs15.82 billion for wheat subsidy, and Rs252.7 million for new teacher hires.
- Health and Education: Doubling of health endowment fund to Rs1 billion, Rs400 million for free medicines, Rs350 million for free books in schools, and Rs100 million for modern education initiatives.
- Infrastructure and Utilities: Rs1 billion for disaster management, Rs771 million for roads and bridges, and Rs750 million for electricity production and distribution.
- Public Sector Reforms: Introduction of e-stamps for transparency in revenue collection, and a ban on unnecessary expenses like foreign trips and expensive seminars.
- Employee Welfare: Ad-hoc relief allowances proposed for government employees and minimum wage set at Rs37,000 per month for contingent-paid staff.
- Sectoral Development: Significant allocations for education, IT, rural development, and communication sectors to foster growth and modernization.
- Energy Projects: Progress updates on ongoing energy projects aimed at enhancing local power generation capacity.
The budget reflects a strategic focus on sustainable development, welfare enhancements, and fiscal prudence to foster growth and stability in Gilgit-Baltistan.
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