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Government-funding Slashed For The Developmental Projects

Islamabad: General elections are around the corner, and the federal government has dismissed financing of about 400 new and ongoing schemes by at least 60% with a target to create more fiscal space for highways and parliamentarians’ projects.

Moreover, it has blue-pencilled the existing and development budget of all the federal ministries and divisions by 10% to make room for other expenditures in advance of the polls in the middle of 2018.

The pronouncement to cut funding of around 175 new and 217 ongoing projects has been executed with effect from January 24, according to the papers of the Prime Minister’s Office.

Resultantly, at least Rs. 200 billion will be diverted to the projects being given priority by the political leadership, said officials in the Ministry of Finance and the Ministry of Planning.

In addition to the PM Office’s directives, the Ministry of Finance has also issued a notification to cut the current and development expenditures of all federal ministries by at least 10%, showed the ministry’s notification of January 31.

Half of the cut will be imposed in the third quarter and the outstanding in the last quarter of the current fiscal year.

The decision taken by the PM Office would heighten the cost of around 392 schemes in addition to refuting people the intended aids in terms of improvement in their living standards.

 

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