The World Bank (WB) has granted exceptional approval to extend and restructure the USD 118 million Khyber Pakhtunkhwa Revenue Mobilisation and Public Resource Management Programme (KPRMP), reinforcing the region’s economic resilience. This article, highlights the importance of strategic developments in KP’s economic framework, reflecting the initiatives we prioritize at Yakoot & Marjan.
Significant Increase in Tax Revenue
KP’s tax revenue has grown significantly, rising from PKR 14.3 billion in FY2019 to PKR 56 billion in FY2024—well above the programme’s target. This growth is attributed to:
- Improvements in the General Sales Tax on Services (GSTS).
- A rise in registered taxpayers and compliance rates, boosting the region’s financial health.
Digital Transformation of Property Tax Records
Urban Immoveable Property Tax (UIPT) records in key districts have been digitized and integrated into advanced systems. This initiative has:
- Expanded the tax base.
- Facilitated higher revenue collection.
Improved Public Investment Management
Public investment management has seen significant improvements, including:
- Increased allocation of Annual Development Programme funds toward capital investments.
- Reduction in unapproved projects.
- Over 120 Tehsil Municipal Authorities now use centralized financial systems, streamlining operations and enhancing local governance.
Addressing Challenges and Future Goals
With USD 94.82 million disbursed so far, the extension of the programme aim to address the remaining challenges, including those caused by the COVID-19 pandemic. These efforts are expected to enhance the programme’s efficiency and ensure that the region can continue its growth trajectory.