Sindh Chief Minister Syed Murad Ali Shah has instructed the Finance and Planning & Development Board (P&D) to disburse the remaining funds amounting to Rs397.4 billion to ensure the timely completion of ongoing and new development projects, aiming to maximize public benefit. Chairing a meeting to assess the financial status of the province and development expenditures, CM Murad Ali Shah emphasized the importance of releasing the allocated funds to expedite the progress of vital projects.
The meeting was attended by Chief Secretary Dr. FakhreAlam, Principal Secretary to CM Agha Wasif, Chairman P&D ShakeelMangnejo, Secretary Finance Kazim Jatoi, and other relevant officials. According to Shakeel Mangnejo, the development budget for the current fiscal year stands at Rs735.1 billion, encompassing various categories such as Provincial Annual Development Programme (ADP), ongoing schemes, new schemes, District ADP, foreign projects, and federal grants schemes.
Despite an allocation of Rs735.1 billion, the Finance department has released only Rs337.7 billion so far, with expenditures totaling Rs263.8 billion over the past seven months. CM Murad Ali Shah urged all departments to expedite the approval process for new schemes to facilitate the issuance of tenders. In response to the financial shortfall, CM Murad Ali Shah directed the Finance department to promptly release the remaining funds of Rs397.4 billion to ensure the completion of ongoing projects and the initiation of new ones.
Regarding federal receipts, Secretary of Finance KazimJatoi reported that the federal government had pledged to transfer Rs805 billion in Revenue Assignments, straight transfers, and OZT grants to Sindh government during the first seven months of the fiscal year 2023-24. However, only Rs731 billion has been disbursed, resulting in a deficit of Rs74 billion.
Additionally, Rs12 billion was transferred as arrears against the previous year’s federal collections. Although the provincial revenue for the ongoing fiscal year was estimated at Rs469.9 billion, the actual collection during the first seven months amounted to Rs254.2 billion, creating a shortfall of Rs19.9 billion. CM Murad Ali Shah expressed confidence that revenue would increase in the final months of the fiscal year, alleviating the deficit.
