ISLAMABAD: The federal government has released Rs56.870 million for various development projects of the ports and shipping.
The government released the said amount out of the total budget of Rs12,000 million for the division under the Public Sector Development Programme (PSDP) of for fiscal year 2015-16.
Out of the funds released so far, Rs50 million have been provided for the construction of Eastbay Express Way (EPEC) for which Rs4,700 million have been approved for current fiscal year. The total cost of this project has been fixed at Rs.14,061 million, with foreign component of Rs.13,542, according to the official data.
The data revealed that so far Rs.40 million have been spent on the project up to the beginning of the current fiscal year.
The government also released Rs.2.970 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 Rs.406 million, out of which just Rs.01 million have been spent up to June 2015.
The another project, for which the government has released funds of Rs.3.9 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 168.247 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).
