Govt to release Rs210bn for KP development

PESHAWAR: The Ministry of Finance and Revenue will release a development fund of Rs210 billion to all departments of Khyber Pakhtunkhwa (KP) for new and ongoing projects in the development programme from the next financial year (FY22).

A final decision in this regard will be taken on July 1, however, the provincial government is confident of getting its arrears from the center as the federal government has acknowledged the position of the province regarding its share in the net hydel profit under the AGN Kazi committee formula.

In this regard, Provincial Minister for Finance and Health Taimur Saleem Jhagra said that talks with the federal government were held in a good atmosphere.
He said that federal government will pay Rs74 billion in terms of net hydel profit and also provide an additional Rs8 billion, which has been recognised by the government for the increase in electricity tariff.
According to Jhagra, at least Rs150 billion will be spent in the tribal areas for the first time in history.
He added that Punjab, Sindh, and Balochistan have been included in the tribal districts’ NFC so that everyone can know how much funds each province has provided for the uplift of the tribal belt.
Jhagra said that Rs150 billion is the province’s own development budget, while Rs60 billion has been set aside by the federation and Khyber Pakhtunkhwa for tribal districts, adding that administrative governments will
He said that the money will be released to the administrative departments on July 1.
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