ISLAMABAD
Finance Minister Senator Muhammad Ishaq Dar has approved release of Rs1.29 billion incentive grant for immediate apportionment among the provinces for the July-September quarter of current fiscal year 2015-16.
As approved, the Punjab will receive Rs 271.714 million, Sindh Rs 204.772 million, Khyber Pakhtunkhwa Rs 313.680 million while Baluchistan's share is Rs 502.383 million.
It may be recalled that the Council of Common Interests on July 31, 2013 had decided that the provinces will be allowed rate of return on their surpluses at the rate of latest T-Bills rate, maintained for a minimum of three months.
In accordance with the decision, the incentive grant is released to the provinces on quarterly basis.
Meanwhile, finance minister Ishaq Dar chaired a meeting of senior officials of the Ministry of Finance to review preparations for the budget 2016-17.
The finance secretary, on the occasion, presented a comparative analysis of the revenue generated and the amount spent in the current year (2015-16), and gave suggestions for the strategy to be adopted for the next financial year. The meeting was informed that budget call circulars had already been issued to the ministries and departments concerned to make their preparations accordingly.
The minister expressed satisfaction over the fiscal results obtained during the first eight months of the current fiscal year.
He stressed continued vigilance on the expenditures in line with the revenue receipts so that the budgetary targets could be achieved.
Dar pointed out that the national security, rehabilitation of TDPs, poverty reduction, energy and infrastructure development continued to be the priorities of the government, and the budget 2016-17 should reflect these priorities.
He also emphasised that the government's focus on accelerated and inclusive economic growth should remain the guiding principle during the budget making process.