Punjab Finance Department withholds Rs1.23 trillion development fund
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The development projects in Punjab are facing difficulties halt as the provincial Finance Department has withheld the development fund of Rs1.23 trillion, reported 24NewsHD TV channel.
According to the details, the ongoing development projects of the provincial departments are facing difficulties due to the non-disbursement of funds.
The P&D Board has released Rs5.35 trillion funds in the province. However, the Finance Department has so far released funds of only Rs4.12 trillion.
According to the official documents, the funds have been withheld despite the advice issued by the P&D.
The documents showed that the utilization rate of development funds is only 27 percent due to the delayed release of funds.
Punjab Finance Department said the release of funds will continue and more funds will be released soon.
The department said the funds required by provincial departments are being released on an emergency basis.
According to documents, P&D Board released Rs132 billion for road sector projects while the Finance Department has released Rs119 billion so far.
According to documents, the development projects for Health Department have been issued Rs1.75 trillion.