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Finance Ministry prepares budgetary proposals of Rs 5730.297m for PSDP 2016-17‏

ISLAMABAD: The Finance Ministry has prepared budgetary proposals of Rs 5,730.297 million for Public Sector Development Program (PSDP) for 2016-17.

The budget estimates of Rs 3,156.290 million have been proposed for two ongoing development projects while Rs 2,574.007 million are proposed for two new projects.

According to the budget documents prepared by the Finance Ministry and exclusively available with Customs Today, for first ongoing project titled Public Sector Reforms Enterprise (PSER), approved by the Executive Committee of the National Economic Council (ECNEC) on October 27, 2014, Finance Ministry has proposed budgetary estimate of Rs 2276.54 million out of this amount Rs 2020 million are expected from foreign aid. The project will be completed by February 2019.

The documents reveal that for the second ongoing project titled Automation Project of Central Directorate of National Savings (CDNS) phase-II, approved by ECNEC on October 01, 2013, an estimate of Rs 879 million has been proposed in SPDP. The Finance Ministry has said that at least one year extension in the implementation period will be required to complete all the activities of this project due to ban on recruitment of human resource. The project will be completed September 30, this year.

Similarly, the budget documents of the Finance Ministry state that the ECNEC has not approved two new projects proposed by the Finance Ministry for the PSDP 2016-17. The Finance Ministry has proposed budget estimate of Rs 2189.572 million the first new project titled construction of National Academy of Public Finance and Accountability (NAPFA) in Islamabad. This project will be completed in three years time after the approval by the competent authority.

Moreover, the documents state that an estimate of Rs 384.435 million has been proposed for second new project titled Energization and Functionality of Construction/ Extension of Audit House. The project will be completed in one and half year’s time after approval from the concerned authorities.

These proposals and budget estimates are required to be discussed and approved by the Finance Committees of both the National Assembly and Senate prior to inclusion in the national budget proposals by the Finance Ministry.

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