Province sees 200% surge in mineral royalties
Pakistan has already chalked out a $1.9 billion funding plan to execute the Reko Diq copper and gold mining project. Total project funding has been estimated at $4.297 billion. photo: file
Khyber-Pakhtunkhwa has recorded a 200 per cent increase in royalty on minerals this fiscal year.
This was revealed during a meeting chaired by Chief Secretary, Shahab Ali Shah on Finance Department's performance on Monday.
The session, attended by Secretary Finance and senior officials, focused on budget planning, fund allocations, and expenditure across key sectors.
During the meeting, officials briefed the Chief Secretary on allocations and spending for key projects and flagship initiatives. Discussions also covered salary and pension projections, as well as the overall fiscal outlook.
Emphasizing the need for early preparations for the upcoming budget, the Chief Secretary directed all secretaries to closely analyze financial requirements in their respective sectors.
A roadmap for governance and fiscal management reforms was also presented, underscoring the importance of transparency, digitization, and process automation.
It was revealed that a two-year rotation policy would be enforced to enhance transparency in financial matters.
Officials highlighted several significant financial milestones, including implementation of over 50 revenue measures in the finance bill, leading to Rs14 billion revenue increasea 50 per cent rise compared to the previous year.
Similarly, 90.7 per cent of revenue targets achieved in the first half of FY25, significantly surpassing last year's 66 per cent performance.
A 200 per cent increase in royalty on minerals, with expectations of further doubling. By the same token, Rs100 billion revenue has been projected from province own-source.
The meeting was informed that a 35 per cent increase in released development funds has been recorded compared to the previous year. Similarly, Rs5.4 billion was generated in royalties from mines and minerals.
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