Punjab govt facing financial crunch
Cash strapped Punjab seeks loans from State Bank and may impose cuts on development schemes.
LAHORE (Dunya News) – According to State Bank documents Punjab government has acquired an overdraft of Rs 7.18 billion.
There are Rs 32 billion in the account of district governments but its current account shows deficit of Rs 40.08 billion.
According to the accounts statements, out of 290 billion rupees fund earmarked for annual development programme2013-14 , only 15.11 million rupees have been spent in the period from July to September.
In light of the financial situation, it is feared that a huge cut will be imposed in the development schemes.
Punjab govt has also refused to pay dues of 12-month salary encashment to the 7,000 retired Punjab govt employees during the last 15 months.
It is pertinent note that the federal government had through a notification ordered payment 12-month leave encashment from July 2012 to all retiring employees. (Zulfiqar Ali Mehto)
