Government has released Rs 111.9 billion to different ministries and divisions for development projects under Public Sector Development Programme (PSDP) during the first three quarters (July to March 31) of the on-going financial year 2010-11. Government has already placed a cut of Rs 92 billion on local component of PSDP. Government had earmarked Rs 280 billion for development projects under PSDP 2010-11.
The amount allocated in local currency was Rs 242 billion that had been reduced to Rs 150 billion. Government is said to have placed a cut of Rs 8 billion on foreign funds allocated in budget for development projects and therefore, total reduction in PSDP allocation was Rs 100 billion.
Prime Minister Syed Yousuf Raza Gilani has already accorded approval to place a cut of Rs 100 billion on PSDP by reducing its original size from Rs 280 billion to Rs 180 billion due to financial constraints. According to official figures released by the Planning Commission, out of total Rs 111.9 billion released during July-March under local component, an amount of Rs 41.2 billion has been released for infrastructure projects, Rs 68 billion for social sector projects and Rs 2.6 billion for projects in other sectors under PSDP 2010-11.
After placing a cut on local component of PSDP, the funds allocation for infrastructure has been reduced from Rs 106 billion to Rs 63 billion, social sector from Rs 128 billion to Rs 84 billion and for projects in other sectors from Rs 8 billion to Rs 3 billion. Total PSDP has 1822 projects as 409 in infrastructure costing Rs 3103.9 billion, 1266 in social sector worth Rs 849.8 billion and 147 projects at total cost of Rs 125.8 billion in other sectors.
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