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Financial position of BOP is stable: Punjab Finance Minister


Muhammad Sudhir Chaudhry Deputy Bureau Chief Lahore

29th Oct, 2019. 01:00 am
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Punjab Finance Minister on Monday said that the province will be on almost Rs 250 billion budget surpluses if it able to meet its revenue generation targets while the government had paid of Rs 56 billion debt it owed from previous government in shape of contractors’ bills payments.

Addressing an interactive session with Lahore Economic Journalists Association (LEJA), the minister said that financial position of the province and its bank, Bank of Punjab is stable and improving. The BOP has announced profit to the shareholders while increase in Non Performing Loans (NPLs) was due to bad economic conditions. Further, the revenue of the metro bus was increased with increase in fare by Rs 10 while the transport department was asked to submit details of increase in fare so that evaluation would be made on its impact on ridership of metro buses. He said there was no financial hindrance for Orange Line Metro Train project while it will operational in ongoing fiscal year. He said fare of OLMT will decide in accordance with the business plan of the project.

The minister said that human resource development of local government institutions would be focused under forthcoming Provincial Finance Commission (PFC) while it will not delay the local governments election. He said the funds were released and approved on justified demands of the member assemblies. He said that required funds for Naya Pakistan Housing Scheme was approved and released whenever demanded.

He further added that crucial work on improving business environment is underway and will bear the intended results for making Punjab a business friendly province. He congratulated the P&D Board for taking forward the reform agenda aggressively and working on the improved ranking.

 

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