ECC has substantially enhanced borrowing powers of the provinces to secure cash surplus for budget support in line with the IMF program. On the request of the Finance Division, ECC approved the new lending policy to the provincial govt.s for their Ways and Means requirements. Under the new policy, the existing Ways and Means limit for Sindh has been increased by 160% to PKR 39Bn from PKR 15Bn. This would allow provinces to have higher overdraft limits to meet their expenses and salaries without waiting for federal transfers on the basis of revenue collection with a time lag.
23/6/2020