The Review Committee of the Planning Commission will finalise its quarterly review of the ongoing developmental schemes on October 23 to divert funds allocated in the Public Sector Development Programme (PSDP) 2004-05 from slow-moving projects towards the speedy ones, sources told Business Recorder here on Saturday.
It is pertinent to mention here that Planning Commission had directed all the ministries/divisions to provide the cash/work plans of first quarter till October 31. However, sources said that the Commission has decided to suspend funding of those projects whose cash/work plans were not submitted within the stipulated time.
Informed sources told that PC has begun its quarterly review of the ongoing projects on October 16 and the meeting will continue till 23rd, to complete report of discontinuing slow moving projects and divert funds towards rapidly progressing uplift schemes, sources added.
On the request of the ministries/divisions, Planning Commission has extended the deadline for submission of their quarterly cash/work plans till 31st October, which was made obligatory for the release of funds for development projects in the second quarter of current fiscal.
Earlier, the ministries and divisions were to submit their cash/work plans by September 30.
Sources revealed that most of the ministries/divisions failed to meet the deadline. Now the Planning Commission has warned all the ministries/division that development schemes would be deleted from the PSDP if they failed to submit their quarterly cash plans by the 31 of this month.
The decision regarding release of funds on quarterly basis was aimed at improving the efficiency of the ministries/divisions, besides foolproof monitoring.
The current fiscal PSDP outlay is Rs 202 billion against the Rs 160 billion for financial year 2003-04.
Sources said that work plans of about 45 development projects have yet not been submitted by the different ministries/divisions and projects of about 30 ministries/divisions will be reviewed.
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