ISLAMABAD: The government has so far released Rs56.870 million for various ongoing and new development projects of the Ports and Shipping out of the total budget of Rs12,000 million for the division for fiscal year 2015-16, according to the latest data.
The amount has been released under the Public Sector Development Programme (PSDP) 2015-16 approved by the government in the beginning of this fiscal year. Out of the funds released so far, Rs50 million have been provided for the construction of Eastbay Express Way (EPEC) for which Rs.4700 million have been approved for current fiscal year.
The total cost of this project has been fixed at Rs14,061 million, with foreign component of Rs13,542, according to the official data. The data revealed that so far Rs40 million have been spent on the project upto the beginning of the current fiscal year.
The government also released Rs2.970 million for reactivation of Hatchery Complex for production of fish and shrimp seed in Karachi. The government has approved budget of Rs.10 million for this project in the fiscal year 2015-16.
The total cost of this project is Rs406 million, out of which just Rs01 million have been spent up to June 2015. The another project, for which the government has released funds of Rs3.9 million is up gradation and accreditation of quality control laboratories of Marine Fisheries Department for environmental Contaminants Karachi.
The government has earmarked Rs13 million for this project for year 2015-16 under PSDP. The total cost of this project is Rs60 million out of which just Rs.0.2 million have been spent upto June 2015. It is pertinent to mention here that the government has released over Rs 216.058 billion for different social sector developmental projects under PSDP as against the total allocation of Rs 700 billion earmarked for the ongoing fiscal year.
The Planning Commission of Pakistan has been following a proper mechanism to release funds. According to the mechanism, 20 percent of funds are released during first quarter, 20 percent in Second Quarter (October-December) 30 percent in third quarter (January-March) and remaining 30 percent in the fourth quarter (April-June).
