Pak government seeks Rs.261 billion to cover massive expenditure overruns

Islamabad : Pakistan’s Finance Minister Ishaq Dar has approached the parliament with a demand for a post-facto approval of Rs. 261 billion ‘supplementary budget’ to cover massive governmental expenditure overruns in fiscal 2015-16.

According to the Dawn, the monetary demand is almost 28 percent higher than the figure approved for last year.

Many of these overruns could be described as extravagant and avoidable expenses in view of the austerity policy currently in place, the Dawn quoted an unnamed senior government official, as saying.

According to budgetary documents placed before parliament, approval has been sought for Rs260.88 billion in supplementary grants. Of these, grants worth Rs.158.88 billion are of a ‘technical nature’, while Rs.102 billion are expenditure overruns or additional expenses that are likely to place an additional burden on the budget.

A finance ministry official explained that a major chunk of supplementary grants pertained to technical re-appropriations – the shifting of funds from one head to another or debt rollovers – that had no additional impact on the budget. (ANI)