The government has decided to increase the budget of the Ministry of Climate Change by Rs11.82 billion to protect Pakistan from the adverse effects of climate change.
This substantial budget hike underscores the country's commitment to environmental sustainability, with a particular focus on the ongoing Green Pakistan program, which was called the Ten Billion Tree Tsunami.
The upcoming budget for the fiscal year 2024-25 will see the Ministry of Climate Change's development budget rise from Rs4 billion to Rs15.87 billion. This increase is aimed at bolstering efforts to mitigate climate change impacts through various initiatives.
Launched in 2018, this program is an evolution of the earlier 'Ten Billion Tree Tsunami' project, aiming to plant trees across the country and significantly enhance forest cover. The overall cost of the Green Pakistan project is projected to exceed Rs125 billion, with an estimated expenditure of Rs 29.56 billion by June 30. For the next financial year, spending on the project is expected to increase to more than Rs45 billion.
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In addition to the Green Pakistan program, the new budget will also fund four other projects under the Ministry of Climate Change. Notably, Rs100 million has been allocated to increase the ministry's capacity to effectively manage and implement these initiatives.
The Green Pakistan program, along with its predecessor, the Ten Billion Tree Tsunami, has been a cornerstone of the country's environmental strategy. These initiatives aim to combat deforestation, promote biodiversity, and mitigate the effects of climate change by enhancing the country's green cover.
A couple of days ago, Prime Minister Shehbaz Sharif turned down a proposal to increase the tax on cash withdrawals from banks for non-filers in the lead-up to the 2024-25 budget, as confirmed by Federal Board of Revenue (FBR) officials. The proposal was meant to raise the tax rate to 0.9% for bank withdrawals exceeding Rs50,000 for non-filers.
Currently, non-filers are subjected 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 and was projected to bring in Rs20 billion from non-filers.
