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Sindh unveils Rs 2.247tr budget for FY 2023-24
Sindh Chief Minister Syed Murad Ali Shah, who also holds the portfolio of Sindh Finance Minister, presented an Rs2247.581 billion annual budget for the next financial year 2023-24 on the floor of the Sindh Assembly here on Saturday. The budget marks a 31 per cent increase over budget estimates of Rs1713.584 billion in the current […]
Sindh Chief Minister Syed Murad Ali Shah, who also holds the portfolio of Sindh Finance Minister, presented an Rs2247.581 billion annual budget for the next financial year 2023-24 on the floor of the Sindh Assembly here on Saturday. The budget marks a 31 per cent increase over budget estimates of Rs1713.584 billion in the current year 2022-23. The budget estimates of the development expenditure for the next fiscal year 2023-24 stand at Rs700.103 billion against the budget estimates of Rs459.657 billion this year. This includes Rs30 billion earmarked for the district Annual Development Project (ADP). The budget has a development outlay of Rs700.1 billion that centres around flood affectees and social protection for the poor.
The chief minister, during the budget speech, said that the province faced an additional burden this year due to natural disasters and floods. Speaking about the disastrous flood that submerged one-third of the country last year, CM Murad said Rs87 billion were given for flood rehabilitation under the provincial Annual Development Programme. “The Sindh government held a conference on the rehabilitation of flood victims in Karachi after the Geneva conference during which the investors were encouraged to invest in the restoration of infrastructure,” he added. Shedding light on the damage caused by the floods in the province, CM Murad said about 4.4 million acres of agricultural land has been destroyed while 60% of the road network was severely affected.
Sharing the details of the budget, the CM said the total receipts of the provincial government would be around Rs2.21 trillion, representing an increase of 31.56% from the concluding financial year 2022-2023 against expenditures of Rs2.2 trillion which shows a deficit of Rs37.795 billion. The chief minister elaborated that the revenue receipts include Rs1.823 trillion current revenue receipts, Rs36.133 billion current capital receipts and Rs295.3 billion other receipts. In addition to the revenue receipts, Rs45 billion carryover cash balance, Rs10 billion net balance of the public accounts of the province, Rs5.58 trillion in receipts and Rs5.57 trillion in disbursements for the financial year 2023-24.
CM Murad further said that the current revenue receipts include a total of Rs1.35 trillion federal transfers in the form of Rs1.22 trillion revenue assignment, Rs64.42 billion straight transfers and grants to offset losses of the abolition of OZT estimated at Rs33.74 billion. Moreover, Rs202.9 billion provincial tax receipts, Rs235 billion provincial sales tax, Rs32 billion provincial non-tax receipts, Rs6.133 billion current capital receipts, Rs30 billion bank borrowing with other receipts including Rs266.7 billion foreign project assistance (FPA), Rs22.9 billion other federal grants and Rs5.92 billion foreign grants. Regarding the expenditures, CM Sindh said that revenue expenditures for the next financial year would be Rs1.41 trillion, capital expenditures will be around Rs136.26 billion, development expenditure will be Rs700.1 billion including provincial Annual Development Programme (ADP) excluding FPAs of Rs380.5, Rs266.7 billion, other federal grants of Rs22.91 billion and district ADP of Rs30 billion.
