Lahore: The Punjab government allocated a 66% higher development budget for the fiscal year 2021-2022 (FY22) as compared to the allocations of the last year, in a bid to improve the economy and achieve a GDP growth rate of 4.8%, news sources reported. Of the PKR 560 billion development budget, 63% funds are allocated for the social sector and infrastructural development schemes under Annual Development Projects (ADP).
Moreover, the budget spending can be divided into four main categories; Sustainable Growth, Public-Private Partnership (PPP), human resource development and skills and infrastructural development. In the areas of spending social development has claimed the major chunk followed by health, education and public government development projects.
Similarly, the areas of public development and infrastructure are allocated 26% of the ADP which includes rehabilitations of roads, urban development and betterment of irrigation systems. Other than that, the foreign financial institutes like World Bank and Asia development banks will help in the areas of Land record management, Naya Pakistan Housing Programme, infrastructure development, irrigation system development and enhancement of the existing and new roads and highways projects.
Other foreign agencies will help in the development of the projects pertaining to the development of tourism, wastewater management in Lahore and Faisalabad. Moreover, the details of the spending are elaborated in the budget document with plans for the enhancement of public and private services industries.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
