AGL 6.67 Decreased By ▼ -0.23 (-3.33%)
ANL 9.85 Increased By ▲ 0.08 (0.82%)
AVN 76.00 Decreased By ▼ -0.82 (-1.07%)
BOP 5.37 Decreased By ▼ -0.12 (-2.19%)
CNERGY 4.99 Decreased By ▼ -0.06 (-1.19%)
EFERT 78.03 Decreased By ▼ -1.80 (-2.25%)
EPCL 55.70 Decreased By ▼ -1.78 (-3.1%)
FCCL 15.38 Increased By ▲ 0.08 (0.52%)
FFL 6.54 Increased By ▲ 0.06 (0.93%)
FLYNG 7.28 Decreased By ▼ -0.06 (-0.82%)
GGGL 10.55 Decreased By ▼ -0.20 (-1.86%)
GGL 16.75 Decreased By ▼ -0.19 (-1.12%)
GTECH 8.50 Increased By ▲ 0.20 (2.41%)
HUMNL 6.50 Increased By ▲ 0.05 (0.78%)
KEL 3.05 Increased By ▲ 0.03 (0.99%)
LOTCHEM 29.01 Decreased By ▼ -0.14 (-0.48%)
MLCF 28.40 Increased By ▲ 0.10 (0.35%)
OGDC 76.05 Decreased By ▼ -0.48 (-0.63%)
PAEL 15.68 Decreased By ▼ -0.19 (-1.2%)
PIBTL 5.30 Decreased By ▼ -0.13 (-2.39%)
PRL 17.62 Decreased By ▼ -0.07 (-0.4%)
SILK 1.06 Decreased By ▼ -0.02 (-1.85%)
TELE 10.70 Decreased By ▼ -0.12 (-1.11%)
TPL 8.26 Decreased By ▼ -0.34 (-3.95%)
TPLP 21.37 Increased By ▲ 0.18 (0.85%)
TREET 23.61 Decreased By ▼ -0.19 (-0.8%)
TRG 125.25 Decreased By ▼ -2.25 (-1.76%)
UNITY 22.60 Decreased By ▼ -0.50 (-2.16%)
WAVES 11.57 Decreased By ▼ -0.06 (-0.52%)
WTL 1.15 Increased By ▲ 0.01 (0.88%)
BR100 4,155 Decreased By -18.8 (-0.45%)
BR30 15,610 Decreased By -196.3 (-1.24%)
KSE100 41,435 Decreased By -83.1 (-0.2%)
KSE30 15,504 Decreased By -57.7 (-0.37%)
Follow us

ISLAMABAD: Ministry of Defence (MoD) has sought approval of Economic Coordination Committee (ECC) of the Cabinet for allocation of Rs 5.5 billion as Technical Supplementary Grant (TSG) over and above annual defence budget for construction of Jinnah Naval Base, sources close to Defence Minister told Business Recorder.

Sharing the details, sources said, National Security Committee (NSC) approved funding requirements of Jinnah Naval Base amounting to Rs. 20.465 billion in Local Currency (LC) including 10 per cent contingencies and US $222.723 million including 10 per cent contingencies for construction of on-shore facilities, buildings, procurement of equipment, machinery and transport, to be utilized from FY 2021-22 to FY 2027-28.

Of the total approved amount, Rs 1.495 billion and $ 33 million are to be released in FY 2021-22, Rs 1,885 billion and $ 25 million in 2022-23, Rs 2.587 billion and $ 39.188 million in 2023-24, Rs 3.384 billion and $ 25 million in 2024-25, RS 3.384 billion and $23.300 million in 2025-26, Rs 3.435 billion and $ 27 million in 2026-27 and Rs 2.396 billion and $30 million in 2027-28.

The sources said, Finance Division has agreed to provide Rs. 5.354 billion (Rs. 1,495.00 million in LC and US $ 21.44 million in FE equivalent to Rs. 3.859 billion @ Rs. 180/ US $)as Technical Supplementary Grant (TSG) to Ministry of Defence/Pak Navy under Capital Works (Project Specific) and fresh imports heads for construction of Jinnah Naval Base (phase-Il) Ormara under Finance Division’s Demand No. 45-Grants, Subsidies & Miscellaneous Expenditure (IB0543-security enhancement & Others) over and above the normal Defence Budget during CFY 2027-22 and advised Ministry of Defence to process the case for approval of ECC and its ratification from the Federal Cabinet.

In accordance with the Federal Cabinet’s decision approval of all cases involving supplementary grants is to be first discussed at the level of ECC. The decision taken in this regard, shall however, be presented before the Cabinet for its ratification.

The sources said, Ministry of Defence has solicited ECC approval for allocation of Rs 5.354 billion (Rs 1.495 billion in LC and $ 21.44 million in FE equivalent to Rs 3.859 billion @ Rs 180/$) to Pakistan Navy and above normal defence budget as technical supplementary grant for CFY 2021-22. The amount can be altered due to substantial variation in rupee dollar parity.

Copyright Business Recorder, 2022

Comments

Comments are closed.