Government Allocates Rs306 Billion for Social Sector Initiatives in the First Half of Fiscal Year 2024

In a significant move, the government has given the green light for the utilization of development funds totaling Rs305.96 billion, constituting a portion of the Rs940 billion allocated, for a range of ongoing and new social sector uplift projects led by federal ministries and divisions during the first half of fiscal year 2024 under the Public Sector Development Program (PSDP), as reported by APP.

As per the latest data from the Ministry of Planning, Development, and Special Initiatives, a substantial sum of Rs149.67 billion has been spent on these development projects during the corresponding period.

Following the disbursement mechanism outlined by the Planning Division, the development funds, initially allocated in the federal budget, are disbursed at a rate of 20% in the first quarter (July-September), followed by 30% each in the second and third quarters, with the remaining 20% in the last quarter (April-June) of the fiscal year.

A detailed breakdown reveals that Rs61.34 billion, out of the total allocation of Rs211.78 billion, has been disbursed to various corporations, including the National Highway Authority (NHA), National Transmission and Despatch Company (NTDC), and Pakistan Electric Power Company (PEPCO).

Specifically, the Aviation Division has received disbursements totaling Rs1.91 billion, and the Board of Investment has been allocated Rs390.17 million.