The Punjab Department of Finance has announced PKR 221 billion for various development projects planned in the first quarter of the fiscal year (FY-2021-22), news sources reported. The funds released were PKR 86 billion more than the amount released in the first quarter of the 2020-21 fiscal year.
According to Punjab Finance Minister Iftikhar Ali Sahoo, the funding was issued after a thorough review of the project with the Punjab Development Board (PDB).
As of July 1st, the government has spent 100% of the total funds of PKR 144 billion during the first quarter on all projects currently in progress.
The Government of Punjab also allocated PKR 560 billion to Public Sector Development Projects (PSDP) at the beginning of the fiscal year 2021-22, which is 66% more than the amount approved in the previous fiscal year.
According to the report, ongoing development projects approved for the public sector account for 63% of total annual development program (ADP) spending for FY 2021-22.
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