Govt Authorizes Over Half of PSDP Funds For Social Sector Projects

The federal government has authorized the utilization of development funds amounting to Rs507.98 billion, out of a total allocation of Rs940 billion, for various ongoing and new social sector uplift projects of the federal ministries and divisions during 7MFY24 under its Public Sector Development Programme (PSDP), as APP reported.

Out of the total authorized/disbursed amount, the total amount spent so far on the development projects during the corresponding period stood at Rs190.44bn, according to the latest data released by the Ministry of Planning, Development and Special Initiatives.

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

The detail showed that Rs127.07bn out of a total allocated amount of Rs211.78bn had been disbursed to corporations including National Highway Authority (NHA), National Transmission and Despatch Company (NTDC), and Pakistan Electric Power Company (PEPCO).