ISLAMABAD: As many as Rs.150.248 million has been released by the government for various development projects of Commerce Division under Public Sector Development Programme (PSDP) 2015-16.

Over all, Rs.875.622 million have been earmarked for the Commerce Division's development projects during the current fiscal year out of their total estimated cost of Rs.3764.183 million.

According to break figures of the Ministry of Planning, Development and Reform, the government released Rs.140.514 billion for purchase of equipment, furnishing, curriculum development and training of Pakistan School of Fashion Design Lahore.

In total, an amount of Rs.351.3 million have been allocated for the project during the current fiscal year out of the total cost of Rs.755.7 million.

The government also released Rs.9.734 million for restructuring of Pakistan Institute of Trade and Development (PITAD) for which an amount of Rs.24.337 million have been earmarked in the PSDP of the current year against the total allocations of Rs.508.4 for the restructuring.

The government has also earmarked Rs.500 million for the Commerce Division's project of Expo Center Peshawar (JV), which is being developed at total cost of Rs.2,500 million, according to data.

It is pertinent to mention here that the government so far released over Rs 400.880 billion for different social sector development projects of different miniseries and division under PSDP 2015-16 against the total allocations of Rs 700 billion earmarked for the current fiscal year.

The ministry has been following a proper mechanism to release funds as per quarterly ceilings.

It releases 20 percent of funds in first quarter (July September), 20 percent in second quarter (October December) and 30 percent each during third quarter (January March) and fourth quarter (April June).