Balochistan govt reduces Rs 15 bln budget deficit.

QUETTA -- Finance Minister of Balochistan, Sardar Abdur-Rehman Khaitran on Wednesday said the far-reaching policies of the provincial government helped reduce the budget deficit of the fiscal year 2022-23.

'FY budget 2021-22 was approved with Rs 87 billion deficit while current year the deficit was Rs 72 billion, 15 billion less than the previous year,' he said during the post budget briefing held here at Boys Scouts.

Finance Secretary Balochistan Hafiz Abdul Basit, Secretary Planning and Development Abdullah Noorzai accompanied the minister.

Highlighting the salient features of the FY2022-23 budget, the finance minister said that first time in the history, distribution of resources were made on merit and without any discrimination.

'Members from treasury and opposition benches were equally awarded uplift projects for the betterment of their respective constituency's people,' he said.

We have discouraged the trend of awarding contracts to non- elected, dearer and nearer ones and blued eyed persons as used to be done in the previous governments.

Giving details about the provincial government's sources of revenue, the minister said that 'major sources of revenue of Balochistan are from the federal government in the form of divisible pool and taxes and others.

'The Balochistan government expects to receive Rs 355 billion from the divisible pool which is an increase of Rs 60 billion or 20 percent as compared to last year (2021-22: 296 billion),'

However, the government will face a reduction of Rs 10 billion in revenue on account of exhaustion of the arrears on Gas Development Surcharge (GDS) being paid since the year 2010-11 in 12 equal annual installments and completing on year ending June 30, 2022.

On the receipts side, he noted that estimates of receipts document gives us a broad picture of details of revenues of the government of Balochistan from all sources including tax both direct and indirect, non tax, miscellaneous, grants, dividends and capital receipts.

We are committed to increase our own sources of revenue both tax and non-tax, whereas it is highly hoped that during the ongoing 10th NFC award, the share of the province is expected to be upwardly revised on account of increase in population and high development gap and poverty backwardness.

He also hoped that the CPEC projects and development of mining sectors...