KP Budget: Government to provide interest-free loans to young people

Khyber-Pakhtunkhwa government will give interest-free loans ranging from Rs20,000 to Rs1 million to 25,000 youth, announced its Finance Minister Taimur Saleem Jhagra while presenting the province’s budget 2021-22. 

The total outlay of the budget of the third largest province of the country by population is Rs1,118 billion. Rs199 billion have been allocated for the merged districts, previously known as FATA, while Rs919 billion have been set for the rest of the province.

Rs371 billion have been allocated for the development projects of the province which is 10% more than the previous financial year. Rs100 billion for the development of merged districts, while Rs 271 billion will be spent in the remaining districts.

Jhagra said that the government wanted to take care of government employees in this budget as their salaries were not increased significantly during the last two years.

The overall salaries of government employees are being increased by 37% and pensions of retired employees by 10%. All government employees will get 10% ad-hoc relief and house rent of non-government employees has been increased by 7%.

He further said that the system is being reformed to reduce pension expenditure. The minimum retirement age in the province has been raised to 55 years and the service limit has been raised to 25 years.

Jhagra said that Rs27 billion have been allocated for education; Rs48 billion for the construction of highways; Rs142 billion for health sector; Rs42 billion for finance department; Rs20 billion for sports, tourism and culture; Rs17 billion for energy.

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