Government Allocates Rs305.957 Billion funds in Six months.
In the initial six months (July-December) of the fiscal year 2023-24, the Federal Government has authorized the expenditure of Rs 305.957 billion from a total allocation of Rs 940 billion for various ongoing and new social sector uplift projects undertaken by federal ministries and divisions. This decision, falling under the Public Sector Development Programme (PSDP), aims to bolster development initiatives across the country.
According to the Ministry of Planning, Development, and Special Initiatives, the total amount spent on these development projects during this period is Rs 149.670 billion. This financial allocation is crucial for the successful execution of projects that contribute to the overall progress and enhancement of social sectors.
The disbursement mechanism, as outlined by the Planning Division, involves releasing development funds in quarterly installments. The federal budget allocates 20% in the first quarter (July-September), followed by 30% in both the second and third quarters, and the remaining 20% in the last quarter (April-June) of the fiscal year.
Analyzing the specifics of fund disbursement, it is evident that Rs 61.344 billion out of the total allocated amount of Rs 211.777 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). Additionally, the Aviation Division has received Rs 1.907 billion, and the Board of Investment has been allocated Rs 390.17 million to facilitate their respective projects.
This strategic allocation of funds underscores the government’s commitment to promoting sustained development and addressing critical needs in key sectors of the economy. The transparent disbursement mechanism ensures a systematic approach to utilizing funds, fostering accountability and efficiency in the execution of vital projects that contribute to the nation’s progress.
