Punjab govt to return State Bank loan

[Lahore_Real_Estate]

LAHORE: Provincial Minister for Finance, Planning and Development Tanvir Ashraf Kaira has said that the Punjab government has so far repaid Rs 9 billion loan to the State Bank of Pakistan.

He expressed these views while talking to a delegation of MPAs at his residence on Sunday. He said the loan outstanding amount would also be returned in equal monthly installments.

He said the Punjab Government had converted its overdraft into loan by availing facility of the State Bank and this loan would be paid within four years.

He said that the fiscal position of the province was very sound, adding the government was trying to reduce the its non-development expenditures.

The Minister said that there was no cut-off on development expenditures. A committee was working to cut-off non-developmental expenditures, he added.

He remarked the State Bank had fixed the limit of overdraft for Punjab upto Rs 27 billion, adding the government was working within this limit.

He said various proposals were under consideration to broaden the tax net in new budget as allocation of more funds for the welfare of people was imperative.

He said it was need of the hour that ratio of taxes should be rationalized. A comprehensive strategy should be evolved to stop tax theft so that public money should be spent on public welfare.