The Gilgit-Baltistan Finance Department raised three billion rupees in the current fiscal year, from July to March. In comparison to the same period last year, revenue collection has increased by 46%, according to the GB finance secretary.
The secretary claimed that in order to get money from tourism, power, minerals, and other industries, a multifaceted approach was used. The goal of these initiatives is to financially stabilize the area, because GB’s government depends on federal funding for development costs.
He said that so far in the current fiscal year, recoveries, particularly in the electricity sector, along with cost savings and the reallocation of 115 government vehicles—including opulent land cruisers—have resulted in savings of more than Rs. 500 million.
Because the GB government depends on the federal budget to cover its current and development expenses, the measures are intended to make the area financially self-sufficient.
He claimed that compared to the same time last year, the department’s revenue collection increased by 46%. “The digitization of revenue receipts, which is being done in cooperation with the State Bank of Pakistan and 1-Link, is another effort towards efficiency,” he stated.
Significant cost savings, particularly in the electricity sector, have allowed for the reallocation of 115 official vehicles, including opulent land cruisers, saving Rs500 million so far this fiscal year, according to Mr. Jamali.
