PESHAWAR          -            Khyber Pakhtunkhwa Finance Minister Taimur Jhagra has revealed that Khyber Pakhtunkhwa has become the first province to authorize all departments to spend 75% of development funds for fiscal year 2019-20. This is only possible since we are transforming financial management, instituting financial discipline, and prioritising development spending, he added. He said this while chairing a high level meeting of the provincial committee to review first quarter revenue here at civil secretariat Peshawar.

Taimur Jhagra said under the new revise release policy, finance department has released funds of Rs 20,422.622 million to different sectors and departments of expenditure on the approved schemes under capital and revenue component. Pakhtunkhwa has done a massive work facilitating and accelerating development, he added. The meeting was held to review the revenue target set by the provincial government for fiscal year2019-20. Besides KP Minister for Mines and Minerals Development Dr Amjid Ali, Secretary Transport Zakir Hussain, Secretary Mines and Minerals Nazar Hussain Shah, Director General KPRA Muhammad Tahir, Director General Excise and Taxation Fayyaz Ali Shah and representatives from Energy & Power, Revenue and Estate and Finance Department attended the meeting. Provincial committee reviewed the first quarter revenue achieved by the different departments against the targets set for fiscal year 2019-20.

The meeting was briefed regarding the measures taken by the departments for revenue generation. Meeting was told that in pursuance of the provincial government reforms agenda, solid steps will be taken for the revenue growth in various sectors. Chairman committee Taimur Jhagra expressed satisfaction over the performance of the revenue generating departments and stated that all out efforts should be made to enhance the revenue generation in the province through effective and efficient taxation system, adding that pragmatic steps should be taken to realize the targets set by provincial government.

 

 

 He maintained that transforming financial management system will not only ensure development and sustain the provincial economy but will also enable KP outpace other provinces in revenue collection.