Pakistan is set to allocate a historic development budget of Rs3,792 billion in the upcoming financial year. This substantial investment marks a significant increase compared to previous years.
In the new financial year, the federal and provincial governments will spend on development schemes together, while the highest expenditure will come from Sindh.
According to the budget document for the new financial year, the proposed finance bill of 2024 reflects an increase of Rs1,012 billion compared to the previous fiscal year. The federal Public Sector Development Programme (PSDP) is earmarked at Rs1,500 billion, indicating a noteworthy increase of Rs500 billion.
Furthermore, the annual development plan of the four provinces has seen a substantial rise of Rs462 billion, totalling Rs2,095 billion.
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Among the provinces, Sindh is set to allocate the highest development budget, amounting to Rs764 billion. Punjab follows closely with a development budget of Rs700 billion, while Khyber Pakhtunkhwa has allocated Rs351 billion, and Balochistan Rs281 billion for development projects.
Significantly, the development budget of Sindh has witnessed a substantial increase of Rs241 billion, highlighting a strategic focus on accelerating development initiatives in the province. Meanwhile, Punjab's budget has seen a marginal increase of Rs51 billion, Khyber Pakhtunkhwa's budget has surged by Rs61 billion, and Balochistan's development budget has expanded by Rs110 billion.
This unprecedented allocation reflects the government's commitment to fostering sustainable growth, improving infrastructure, and addressing socio-economic challenges across Pakistan. The substantial increase in development expenditure underscores a concerted effort to drive progress and prosperity in the country's various regions.
