Finance Division proposes Rs 18.166 bln for its projects
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ISLAMABAD: The Finance Division has proposed Rs18.166 billion budgetary allocations for its 28 provincial projects under the Public Sector Development Programme (PSDP) for the upcoming financial year (2017-18).
During the PSDP of the current fiscal year, funds of Rs8.332 billion were allocated for these 28 projects.
The details show an amount of Rs12.932 billion has been proposed for 14 projects of Balochistan for which Rs4.131 were allocated in the previous budget while Rs4.004 billion have been suggested for 9 projects of Sindh provinces, for which Rs3.001 billion were earmarked in the 2016-17 budget.
The finance division also proposed allocations of Rs1.130 billion for 4 projects of Khyber Pakhtunkhwa, for which Rs 1.100 billion were earmarked in the PSDP of ongoing financial year.
Similarly, Rs 100 million have been proposed for one project in the Punjab province for which Rs100 were allocated in the federal PSDP 2016-17, the official sources said.
It is pertinent to mention that the releases to these projects are made on the authorization by the Ministry of Planning, Development and Reform (PD&R) and are placed in the PSDP by the ministry in pursuance of Prime Minister or President's directive, while the provincial governments are executing agencies.
Meanwhile, the government so far released Rs 4445.689 million for various projects of Finance Division under PSDP 2016-17.
Out of this, funds of Rs700 million for Greater Karachi Sewerage Plant (S-III) Karachi, Rs700 million for Gwadar Development Authority and Rs 500 million for Greater Karachi Water Supply Scheme (K-IV) Karachi.
In total, an amount of Rs562.274 billion has been released for various ongoing and new projects of all the ministries and divisions under PSDP 2016-17 out of its total Rs800 billion allocations.
A proper mechanism is being followed for the release of funds and accordingly 20% of funds are released in first quarter (July-September), 20% in second quarter (October-December), 30% in third quarter(January-March) and 30% in fourth quarter (April-June). (APP)
