Centre, KP to discuss net profit issue next month

PESHAWAR – Khyber Pakhtunkhwa Senior Minister for Finance Siraj-ul-Haq has said that officials of the federal and provincial governments will meet next month to discuss longstanding issue of the payment of arrears in head of net profit on hydel power generation to the province.

In his wind up speech on the provincial budget, he said that the joint efforts since 2002 were bearing results. He said that the federal government agreed on the payment of Rs.110 billion, which was received and utilized by the previous provincial government. Even today, they were carrying joint efforts for achievement of the rights of the province and for this purpose had held a meeting of former finance ministers and parliamentary leaders of opposition parties in the provincial assembly.

Similarly, he said that they also organised a jirga of the parliamentarians of the province in Islamabad and held meetings with political leadership for commitment in this regard. He said the outstanding arrears were Rs 550 billion. For the resources, Siraj said that the province was 95% dependent on federal government. Regarding shortfall in the receipts, he said for the current year the estimated revenue target of the federal government was Rs 2,475 billion out of which their due share was Rs 222 billion.

But, he said due to revision of the target federal government collected Rs 2,275 billion and their share was also declined by Rs 20 billion. However, he said for the next financial year, the estimated share from federal receipts is Rs 328 billion while Rs 29 billion will be generated from own resources of the province. The province has the potential of generating 18,000 megawatt electricity, besides huge reserves of oil and gas and also has opportunities in tourism sector.

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