ISLAMABAD - The government has so far released Rs540.229 million for various ongoing and new projects of Finance Division under the Public Sector Development Programme (PSDP) for the current fiscal year (2017-18).

The government in its federal PSDP had earmarked Rs20,143.333 million for the Finance Division projects, with foreign exchange component of Rs715.402 million, officials sources said. According to details, the government released an amount of Rs300.188 billion for two power plants from Syngas (IGCC 2009) in Tharparker, with each plant having capacity of producing 50 megawatt electricity.

The total cost of this project had been estimated at Rs8,898.7 million, out of which Rs330.188 were earmarked in the fiscal year 2017-18 and the government released all the amount during the first quarter of the current fiscal year. An amount of Rs150 million has been released for Energisation and Functionality of Construction and Extension of Audit House, Islamabad.

The government also released Rs79.396 billion for another important project related to automation of Central Directorate of National Savings (CDNS), Phase-II. The total cost of the project has been estimated at Rs879.8 million, out of which Rs202.106 were earmarked to be released during the current fiscal year.

It is pertinent to mention here that in total the government has so far released Rs207.889 billion for various developmental projects of various ministries and divisions out of total allocations of Rs1,001 billion earmarked for the current fiscal year.

The Planning Commission of Pakistan follows the stipulated mechanism for release of funds: first quarter (July-September) 20 percent, second quarter (October-December) 20 percent, third quarter (January-March) 30 percent and fourth quarter (April-June) 30 percent.