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Coronavirus
VERY HIGH
Pakistan Deaths
16,094
11224hr
Pakistan Cases
750,158
497624hr
Sindh
271,524
Punjab
264,010
Balochistan
20,760
Islamabad
68,906
KPK
104,480

ISLAMABAD: The Finance Division has proposed five new projects in the federal public sector development programme (PSDP) for the next fiscal year (2021-22) – with an estimated cost of Rs8.41 billion – including modernisation and up-gradation of Pakistan Mint.

Sources said that of the proposed five projects, two are approved from the Departmental Development Working Party (DDWP), while three are un-approved and modernisation and up-gradation of Pakistan Mint was approved in Jun 2020 by DDWP with an estimated cost Rs1.790 billion.

The Finance Division has proposed allocation of Rs100 million for the project in the budget for the next fiscal year as commencement date of the project is July 2021 with completion date of June end 2024.

Pakistan Mint, according to the Finance Division, has old machinery and equipment and infrastructure is heading towards collapse in the absence of any major revamp so far.

Pakistan Mint is the only entity in the country that has been engaged in minting of coins besides manufacturing of medals, awards, postal stamps, and seal etc.

Existing Minting facility was established in 1947, which is unable to meet production targets and produce quality security featured products. No major revamp of this important facility has been done so far, thus, modernisation of this important minting facility is essential to make it at par with the international mints.

Through the PSDP funded project, modernisation and up-gradation that would be carried out included; (i) civil work including construction of new mint building; (ii) installation of new plant machinery/equipment for high quality production of coins; (iii) establishment, up-gradation and enhancement of electric supply department for meet projected demand and other works necessary in pursuit of the project objectives.

The Finance Division also proposed construction of federal audit complex in the federal PSDP for the next fiscal year with estimated cost of Rs505 million.

Three un-approved projects proposed in next fiscal year federal PSDP for the included; (i) construction of National Academy of Public Finance Accountancy (NAPFA) with projected cost of Rs3.2 billion and proposed allocation of Rs1.1 billion in budget for the next fiscal year;(ii) construction of audit complex in Lahore with estimated cost of Rs2 billion, and; (iii) construction of Head Office Building of Competition Commission of Pakistan in Islamabad with estimated cost of Rs920 million.

The Finance Division proposed allocation of Rs500 million for construction of audit complex and Rs328 million for construction of head office building of the CCP in the budget for the next fiscal year.

Copyright Business Recorder, 2021