Development Economy

Government Released Rs 1,418 Million For Finance Division Projects

Islamabad, November 10, (APP): The government has so far released Rs 1418.626 million for various ongoing and new of Finance Division under the (PSDP) for the current fiscal year (2017-18).The government in its Federal PSDP had earmarked Rs 21783.017 million for the Finance Division projects, with foreign exchange component of Rs715.402 million, officials sources said.

According to details, the government released an amount of Rs 300.188 million for two from Syngas (IGCC 2009) in Tharparker, with each plant having capacity of producing 50 megawatt electricity.
The total cost of this project had been estimated at Rs 8898.7 million, out of which Rs 330.188 were earmarked in the fiscal year 2017-18 and the government released all the amount during the first quarter of the current fiscal year. An amount of Rs 300 million have been released for the development works in Phoolnagar and adjacent areas whereas an amount of Rs150 million have been released for construction of Dual Carriageway (3kms), Phoolnagar District Kasur An amount of Rs150 million has been released for Energization and Functionality of Construction and Extension of Audit House, Islamabad while an amount of Rs250 million have been released for Fly Over on Hala Road Bypass Pattoki Overhead Bridge connecting rural areas in Pattoki.

The government released Rs137.335 million for bridge over Balloki Sulemanki Link at village Balloki to connect that entire area with motorway and district Nankana. Similarly an amount of Rs41.06 million have been released fro construction for Phoolnagar Stadium, The government also released Rs79.396 billion for another important project related to automation of Central Directorate of National Savings (CDNS), Phase-II. The total cost of the project has been estimated at Rs 879.8 million, out of which Rs 202.106 were earmarked to be released during the current fiscal year.It is pertinent to mention here that in total the government has so far released Rs212.200 billion for various developmental projects of various ministries and divisions out of total allocations of Rs1001 billion earmarked for the current fiscal year.

The of Pakistan follows the stipulated mechanism for release of funds: first quarter (July-September) 20 per cent, second quarter (October-December) 20 per cent, third quarter (January-March) 30 per cent and fourth quarter (April-June) 30 per cent.

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