Finance Division provided Rs385.919 mln to execute its projects

ISLAMABAD:The government has so far released Rs385.919 million for various ongoing and new projects of Finance Division under the Public Sector Development Programme (PSDP) for the current fiscal year (2017-18).

The government in its Federal PSDP had earmarked Rs20143.333 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 Rs300.188 billion for two Power Plants 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 Rs8898.7 million, out of which Rs330.188 were earmarked in the fiscal year 2017-18 and the government released all the amount during the first quarter of the current fiscal year.

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 Rs879.8 million, out of which Rs202.106 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 Rs169.210 billion for various developmental projects of various ministries and divisions out of total allocations of Rs1001 billion earmarked for the current fiscal year.

The Planning Commission 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.