Parliament has approved a whopping Rs9.4 trillion in expenditure overruns, a significant increase from the previous year. The majority of these grants, totaling over Rs8 trillion, were allocated in the last 45 days of the fiscal year, with a substantial amount attributed to government borrowing.
Despite claims of austerity measures, successive administrations have overspent, raising questions about fiscal control. The Finance Minister obtained approval for huge supplementary grants, mainly driven by borrowing, circular debt in the power sector, and payments to K-Electric.
Some expenses, like additional funds for pension benefits and security divisions, were deemed extravagant and unnecessary. The Prime Minister’s Office also received substantial funds for “honoraria”.
These overspending trends reflect poorly on the government’s budgeting and expenditure processes. It is concerning that such significant sums were not allocated in the initial budget, leading to massive supplementary grants and potential financial strain on the public exchequer.
The government’s reliance on retrospective approval for additional spending underscores the need for more transparent and prudent financial management practices. As the country grapples with economic challenges, tighter fiscal controls are imperative to ensure responsible budgeting and spending.
With mounting pressure on government finances, it is crucial for policymakers to prioritize fiscal discipline and accountability to steer the country towards sustainable economic growth.\
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