Friday, 21 July 2017

Foreign Assistance Prevents Steep Fall

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Foreign assistance prevents steep fall in development spending

The main shortfall in trade receivables for the Public Sector Development Program (PSDP) in 2016-17 has declined by nearly 17% from the budget target to about Rs 1,115 billion.

According to the final update of the Planning Committee, the federal government allocated Rs 65.668 billion in domestic funding components for the PSDP. However, by June 30, only Rs. 545 billion could be approved.

Higher flows under foreign loans and support have helped to prevent a more steep fall. The government has set a budget to receive Rs143.4bn in loans and grants, but it has received Rs.19bn, a 33% increase from its initial estimate.

Maximum reduction of TDP quota for Waziristan operation

The Federal Board of Revenue (FBR) tax revenue is estimated to be $ 2,450 to $ 50 billion less than the budget target of Rs.3.621 billion, despite the final figures still being adjusted.

The total federal development program, which includes projects funded by foreign subsidies and loans from foreign inflows, will generate Rs. 73 billion (Rs560bn 7pc) of Rs 73 billion (Rs) compared to budget allocations of Rs. .

The major cuts in the developmental allocation were seen to amount to Rs 100 crore for the Rs 60 billion allocated by the government to the funds allocated for the settlement of temporarily displaced persons in Waziristan.

Among them, the government abandoned Rs 9 billion in TDP accounts for contingent debt payments for JF-17 Thunder aircraft contract payments during the fiscal year.

Special approval was obtained from the President for approval of special funds, and the Finance Department forwarded it to accountant General Pakistan Income (AGPR). That amount "surrendered in favor of subsidies and other spending to obtain technical supplement grants for contingent liabilities for JF-17, Block-II contract payments for 2016-17," a senior official confirmed.

Of the total emissions of Rs 60 billion per TDP, Rs 10.3 billion was issued for special security forces, internal security allowances of Rs 5 billion, JF-17 aircraft subsidies and other expenditures / contingent liabilities of Rs 10.3 billion. The remaining funds were announced for rehabilitation, housing, tent purchase and rental housing for the TDP.

According to the Planning Commission data, during the past fiscal year, large amounts of foreign funds were received from roads and power stations. The amount rose by Rp.182.1 billion, or 57pc, from the budget estimate of Rs 160 billion. Thus, the total expenditure on these sectors far exceeded the target quota of 325 billion and spent a total of Rs 380 billion.

The government has cut its budget to limit the spending of Rs. However, the largest project, Rs. 9 billion (27pc), took place in the water resources project.

On the other hand, 27.5 billion rupees for the Prime Minister's Global Sustainable Development target project (mainly spent in political elections) has been completely consumed.

The planning committee said that Rs 194.0 billion was allocated to the National Highway Corporation (NHA) for the construction of roads and highways, including foreign exchange components of Rs 171 billion. It was offered at Rs.224 billion by June 30, including the foreign exchange component of 10.2 billion. Likewise, the Wapda power sector received Rs. 155 billion worth of Rs. 131.5 billion by the end of the year.

Azad Jammu and Kashmir were other regions offered at Rs. 15.5 billion, equivalent to Rs. 14.1 billion. Spending on similar block allocations for Gilgit-Baltistan and Federally Administered Tribal Areas amounted to Rs.10.8 billion and Rs 215 billion, with Rs 1,150.1 billion and Rs.2.2 billion.

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