The Federal Government has authorized the utilization of development funds amounting to Rs 305.957 billion, out of a total allocation of Rs 940 billion, for various ongoing and new social sector uplift projects of the federal ministries and divisions during the first six months (July-December) of the fiscal year 2023-24 under its Public Sector Development Programme (PSDP).
Out of the total authorized/disbursed amount, the total amount spent so far on the development projects during the corresponding period stood at Rs 149.670 billion, 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 shows that Rs 61.344 billion out of a total allocated amount of Rs 211.777 billion has been disbursed to corporations including National Highway Authority (NHA), National Transmission and Despatch Company (NTDC) and Pakistan Electric Power Company (PEPCO). For the Aviation Division, funds amounting to Rs 1.907 billion have been disbursed and Rs 390.17 million for the Board of Investment.—APP
