Gilgit-Baltistan Government Unveils Rs140.17 Billion Budget for 2024-25
The Gilgit-Baltistan government has presented a comprehensive budget for the fiscal year 2024-25, amounting to Rs140.17 billion. The budget, revealed on Monday amid vocal protests from opposition members in the GB Assembly, outlines significant allocations for both development and non-development expenditures.
Breakdown of the Budget
- Total Budget: Rs140.17 billion
- Non-Development Expenditures: Rs86.6 billion
- Development Projects: Rs34.60 billion
Finance Minister Engineer Muhammad Ismail, who presented the budget, highlighted that the federal government will contribute a grant of Rs68 billion to support the region’s financial needs. Additionally, the budget forecasts non-tax revenue of Rs6.40 billion and an expected Rs1.33 billion in collections by the GB Revenue Authority.
Addressing the Budget Deficit
The budget outlines an estimated deficit of Rs11.92 billion, which the federal government has committed to covering fully. This support underscores the federal government’s crucial role in sustaining Gilgit-Baltistan’s economic stability and development.
Allocations for Key Areas
Minister Ismail emphasized that Gilgit-Baltistan’s development is largely reliant on federal financial grants and the limited revenue generated locally. Key allocations include:
- Federal PSDP-Funded Projects: Rs6.50 billion
- Prime Minister’s Initiatives: Rs4 billion
- Subsidised Wheat: Rs19.70 billion
Salary Increases and Minimum Wage
To improve the livelihoods of government employees, the budget proposes:
- 25% Salary Increase: For employees in grades 1 to 16
- 20% Salary Increase: For employees in grades 17 and above
- Minimum Salary: Rs37,000 for contingent paid staff, local bodies, and waste management department staff
Development and Financial Management
Despite a reduction in the development grant from the federal government last fiscal year, Minister Ismail praised the current administration’s ability to efficiently manage all sectors in Gilgit-Baltistan through careful spending and effective economic strategies. He assured that the allocated Rs34.60 billion for development projects will be utilized to address the region’s infrastructure and socio-economic needs effectively.
Looking Ahead
The unveiling of the 2024-25 budget reflects the Gilgit-Baltistan government’s commitment to balanced financial management and targeted development. By securing substantial federal support and outlining clear expenditure plans, the budget aims to foster economic growth and enhance the quality of life for residents across the region.