News Column

CM directs to release 1st installment of Rs.25 bln for development work

July 24, 2014

Sindh Chief Minister, Syed Qaim Ali Shah, has asked the Finance Department to release 1st installment of Rs 25 billion for the development work and directed the officers concerned to complete at least 405 ongoing development schemes during Financial Year 2014-15.

The Chief Minister directed the officers to prefer the priority projects in financing and the schemes which are supposed to be completed by the end of current fiscal year.

He was presiding over a meeting regarding formalities release policy for planning & development and Finance Department here on Wednesday.

Advisor to the chief minister for Finance Syed Murad Ali Shah briefed the meeting that out of Rs 25 billion, Rs 10 billion would be released for the priority projects in hand, Rs 6 billion against 405 ongoing development schemes which are suppose to be completed by the end of this financial year at total investment of Rs 12 billion.

It was decided that remaining Rs 6 billion would be released against these schemes after 100% utilization of 1st installment of Rs 6 billion before or by the end of December 2014.

He further said that remaining Rs 9 billion would be released to the administrative department as per fixed ratio of their annual allocation especially for the schemes on their priority.

He directed the officers to expedite the ongoing development works and try to utilize their release up to 100% and complete at least 405 ongoing development schemes out of total 2937 development scheme included in ADP 2014-15 as per their commitment.

He directed the officers to give priority to the Health and Education department as there are mostly related to the public welfare.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Balochistan Times (Pakistan)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters