Lahore: According to news reports, the Punjab Finance Department released PKR 221 billion on Monday (October 11) for various development projects in the province slated for the first quarter of the fiscal year (FY-2021-22). The sum released is PKR 86 billion more than what was released in the first quarter of the previous fiscal year, 2020-21.
The monies were approved after a thorough examination of the projects in collaboration with the Punjab Development Board, according to Punjab Finance Secretary Iftikhar Ali Sahoo (PDB). The government has disbursed 100% of the money for all ongoing projects as of July 1, totaling PKR 144 billion for the first quarter.
In addition, the Punjab government has set aside PKR 560 billion for public sector development projects (PSDP) at the start of fiscal year 2021-22, which is 66 percent more than the previous fiscal year’s budget. The ongoing development projects approved for the public sector, according to reports, account for 63 percent of the overall Annual Development Program (ADP) expenditure for FY 2021-22.