Over Rs78mn development funds for Commerce Division projects

ISLAMABAD: The government has released Rs 78.742 million so far for commerce division projects under Public Sector Development Programme (PSDP) for the fiscal year 2016-17.

According to data of Ministry of Planning, Development and Reform, the government in total has allocated Rs 796.857 million for various ongoing and new projects of the commerce Division in the PSDP of current fiscal year.

The funds of Rs 78.742 million have been released for the purchase of equipment, furnishing, curriculum development and training of Pakistan School of Fashion Design, Lahore.

The total cost of this project has been estimated at Rs 755.7 million out of which Rs 196.857 million have been earmarked in the current PSDP.

The government would also spend Rs 300 on the development of Expo Center Peshawar in the current PSDP out of its total expenditure of Rs 2,500 million, the data revealed.

In addition, Expo Center would also be established in capital city of Islamabad with total cost of Rs 2,500 million, out of which Rs 300 million have been earmarked in the current PSDP.

It is pertinent to mention here that the government has so far released Rs 279.57 billion for different social sector developmental projects so far under its Public Sector Development Programme (PSDP) 2016 17 as against total allocation of Rs 800 billion.

The Planning Commission of Pakistan has been following a proper mechanism to release funds.

The commission releases 20 percent of funds in first quarter (July September), 20 percent in second quarter (October December), 30 percent in 3rd quarter (January March) and 30 percent in fourth quarter (April June).