Sindh Government is negotiating a $1.944 billion loan with foreign donors for six different development projects for which concept papers have been cleared, it is learnt. Advisor on Finance to Sindh Chief Minister M A Jalil told Business Recorder that these loans would improve the lives of the coastal people, water supply schemes, education, civic infrastructure in cities.
To assist in Karachi Mega City Development Project (investment programme), and help in Sindh Rural Road Construction Phase-II Project. He said that ADB will provide three loans ($36 million) for Sindh Coastal and Inland Community Development Project, Sindh Cities Improvement Programme ($500 million to $800 million), and Karachi Mega City Development Project (investment programme) ($800 million).
Two credits would be available from IDA: one for Sindh Water Sector improvement Phase-I ($150.20 million), and for First Sindh Education Sector Development Policy Credit. The sixth loan, for which negotiations are expected soon, will be for Sindh Rural Road Construction Phase-II Project from JBIC (ODA Loan).
Despite efforts by the provincial government to accelerate completion of development projects the executing departments do not comply with accounting practices prescribed by the donors. The delays in working and inadequate accounting often cause delay in release of funds, on the one hand, and affect completion schedule, on the other. Planning and Development Department sources said that auditing of foreign fund expenditure was underway.