Achi news desk-
ISLAMABAD – The Finance Division is yet to provide an Indicative Budget Ceiling (IBC) to the Ministry of Planning for the Public Sector Development Program 2024-25, as the ministry has sought an increase of Rs 200 billion, over the ongoing fiscal year, in the federal. development budget.
The planning ministry has received demands of over Rs 2.9 trillion for development projects from the ministries/divisions for the upcoming PSDP 2024-25. The meetings of the priority committees, to compile a short list of important projects for the PSDP, have already been ignored, a source told The Nation. Priority committee meetings are usually held before APCC, which was not held for the next financial year.
The Annual Plan Coordinating Committee (APCC) meeting has been proposed for next week, the source said. added up Normally, the Finance Division provides an IBC for the PSDP by mid-May, which has not been provided so far, the source said. After the planning ministry accepts the IBC, the ministries/divisions will be asked to do the projects within the scope of the ceiling, the source said. In the absence of IBC, it is difficult to make a realistic PSDP, he added. Initially, the PSDP allocation during the ongoing FY 2023-24 was Rs 950 billion which included Rs 875 billion rupee component, while Rs 75 billion was the FEC component. However, now the rupee component has been cut by Rs 10 billion to Rs 865 billion, which has resulted in a reduction in PSDP allocations to Rs 940 billion.
Now, the planning ministry has sought a hike of Rs 200 billion, over the ongoing funding, in the PSDP 2024-25 allocations, the source said. So far, the planning ministry has received demands of over Rs 2.9 trillion for development projects from the ministries/divisions for the upcoming PSDP 2024-25. It is worth noting that the funding released from the Public Sector Development Program (2023-24) for the development projects has ended as no authorization for the statements was issued by the Ministry of Planning during the months of February to April.
During the last month of the caretaker government and the first two months of the current PML(N) government, no authorization of PSDP funds was announced, official data revealed. During the first seven months of the ongoing financial year 2023-4 (July to January), the Ministry of Planning had issued the authorization for the release of Rs 507.980 billion, however, since then (February to April) there has been no release. to allow, the disclosed documents.
