ISLAMABAD: The government has announced a significant increase in the budget for the Ministry of Climate Change by Rs11.82 billion, aiming to safeguard Pakistan against the adverse impacts of climate change.
This boost in funding highlights the nation’s dedication to environmental sustainability, particularly focusing on the ongoing Green Pakistan program, formerly known as the Ten Billion Tree Tsunami.
In the upcoming fiscal year 2024-25, the development budget of the Ministry of Climate Change will soar from Rs4 billion to Rs15.87 billion. This augmentation is intended to strengthen endeavors to mitigate climate change effects through various initiatives.
Initiated in 2018, the Green Pakistan program is an advancement of the earlier ‘Ten Billion Tree Tsunami’ project, striving to plant trees nationwide and significantly augment forest cover. The overall cost of the Green Pakistan project is estimated to surpass Rs125 billion, with an anticipated expenditure of Rs29.56 billion by June 30. For the ensuing financial year, expenditure on the project is forecasted to exceed Rs45 billion.
Apart from the Green Pakistan program, the new budget will also finance four other projects under the Ministry of Climate Change. Notably, Rs100 million has been earmarked to enhance the ministry’s capacity for managing and executing these initiatives effectively.
The Green Pakistan program, alongside its precursor, the Ten Billion Tree Tsunami, has been pivotal in the country’s environmental strategy. These initiatives seek to combat deforestation, promote biodiversity, and alleviate the impacts of climate change by augmenting the nation’s green coverage.
Recently, Prime Minister Shehbaz Sharif declined a proposal to raise the tax on cash withdrawals from banks for non-filers ahead of the 2024-25 budget, as confirmed by Federal Board of Revenue (FBR) officials. The proposed increase aimed to raise the tax rate to 0.9% for bank withdrawals exceeding Rs50,000 for non-filers.
Presently, non-filers are subject to a 0.6% withholding tax on bank withdrawals above this threshold. The suggested hike was part of a broader strategy to generate additional revenue, projected to yield Rs20 billion from non-filers.
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