Punjab to have new pension rules: provincial finance minister

• Punjab to make new pension rules, says Finance Minister Hashim Jawan Bakht
• Chairs meeting to review underutilized resources, released budget and current financial situation of province
• Says 61.4% of the budget released for development funds has already been utilised in the ongoing financial year

LAHORE: Punjab Finance Minister Hashim Jawan Bakht has said new pension rules should be made for newly-recruited government employees, while any government funds not being utilised should be diverted to resource generation activities.

The provincial finance minister had chaired a meeting on Tuesday to review underutilised resources, released budget and Punjab's current financial situation in the ongoing financial year. The meeting was attended by Finance Secretary Abdullah Sumbal, Additional Secretary Mujahid Sher Dil and other officers of the department.

Bakht expressed the view that the volume of the development budget could be increased for the next fiscal year by increasing revenue generation from funds that are not being used and from public-private partnerships.

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"Exaggerating the volume of the budget by manipulating numbers is not an achievement – rather, using the released budget is more important," he said, adding that budget utilisation reflects the "real success" of institutions.

He also asked for ensuring efficient utilisation of development funds for infrastructure projects undertaken by the Lahore Development Authority.

He further noted that 61.4% of the budget released for development funds has been utilised so far in the current financial year.