State Bank Allocates Rs21 Billion for Election Expenses

According to Sources, the State Bank of Pakistan has set aside Rs21 billion for the elections to the Punjab and Khyber Pakhtunkhwa assemblies, as ordered by the Supreme Court. The SBP has requested approval from the finance ministry to release the amount. 

The Supreme Court has directed the State Bank to release the funds to the Election Commission of Pakistan and submit a compliance report by Monday afternoon. The court has also set May 14 as the date for elections in Punjab. The release of funds from the Federal Consolidated Fund requires the government’s approval, and the National Assembly’s approval is also required.

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 A senior banker has stated that the required amount of Rs21bn is not a real problem for the government, which has already borrowed over Rs2 trillion from banks during FY23. The actual problem is political or constitutional, not financial.