Flood affectees deprived of tranche

ISLAMABAD - In a bid to control soaring fiscal deficit, the incumbent government has added salt to the miseries of flood affectees by not releasing one remaining tranche of Rs20,000 before June 30 thus putting in limbo the glimmer of hope. The Ministry of Finance earlier had announced to release one of the remaining tranche of Rs 20,000 to the flood affectees before June 30, for which they received Rs 16 billion under Citizen Damage Compensation Programme (CDCP). However due to delay in release of Coalition Support Fund (CSF) from US, the government has decided not to release Rs 20,000 to the flood affectees. The government was expecting to some $500 million under CSF from US government before June 30, however there is delay in it, which added the miseries of the government. Due to delay in releasing of CSF, the fiscal deficit of country likely to surge to 5.3 per cent of the GDP against the target of 5.1 per cent for the outgoing financial year. Therefore, the Ministry of Finance has decided to not give funds to the flood affectees before June 30. It is worth mentioning here that the government had announced to give Rs 0.1 million to the affectees of the unprecedented floods of last year. However, the government has released only Rs 20,000 for these affectees despite passing almost one-year period, which would add the miseries of such people that were suffered due to the natural disaster. Secretary Finance Dr Waqar Masood also assured the Senates Standing Committee on Finance in its last meeting that Finance Ministry would release Rs 20,000 to the flood affectees before June 30. Sources in the ministry told The Nation that the government has yet to decided about new date for releasing the remaining tranche for flood affectees. Meanwhile, Pakistan is expecting to receive $360 million from Islamic Development Bank and Asian Development Bank before ending of the outgoing financial year 2010-11. The government of Pakistan is expecting to receive $160 million from Islamic Development Bank and $200 million from Asian Development Bank before ending of outgoing fiscal year, senior officials of the Ministry of Finance said on Wednesday. He further said that State Bank of Pakistan has earned profit of Rs 125 billion so far while further Rs 60 billion is expected before June 30, he added. He further informed that the government has collected Rs 85 billion as petroleum levy and Rs 38 billion as Gas Development Surcharge during the outgoing financial year 2010-11.