Funds of Rs 39.371 mln released for Commerce Division projects

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ISLAMABAD, Oct 24 (APP): The government has released Rs 39.371 million for commerce division projects under Public Sector Development Programme (PSDP) for the fiscal year 2016-17.
In total, the government has allocated Rs 796.857 million for various ongoing and new projects of the commerce Division in the PSDP of current fiscal year.
The funds of Rs 39.371 million have been released for the purchase of equipment, furnishing, curriculum development and training of Pakistan School of Fashion Design, Lahore, according to official data.
The total cost of this project has been estimated at Rs 755.7 million out of which Rs 196.857 million have been earmarked in the current PSDP.
The government would also spend Rs 300 on the development of Expo Center Peshawar in the current PSDP out of its total expenditure of Rs 2,500 million, the data revealed.
In addition, Expo Center would also be established in capital city of Islamabad with total cost of Rs 2,500 million, out of which Rs 300 million have been earmarked in the current PSDP.
It is pertinent to mention here that the government has released Rs 123.623 billion for different social sector developmental projects so far under Public Sector Development Programme (PSDP) 2016 17 as against the total allocation of Rs 800 billion.
The Planning Commission of Pakistan has been following a proper mechanism to release funds.
The commission releases 20 percent of funds in first quarter (July September), 20 percent in second quarter (October December), 30 percent in 3rd quarter (January March)and 30 percent in fourth quarter (April June).