Uncertainty surrounds uplift project
Exchange Companies Association president anticipated that the rupee would partially recoup losses over the next couple of days on expectations of easing political tensions. Photo: afp
Due to the non-completion and commencement of work on five major schemes by the Rawalpindi Development Authority (RDA), around Rs46 million worth of funds lapsed while Rs1,069 were surrendered at the end of the previous fiscal year.
The Punjab government released a mere Rs38 million for the July-October period, a fraction of the total Rs116.251 billion allocated for the five projects.
The projects affected by the funding issues include the Rawalpindi Ring Road project, LED lights installation project, Remodeling of Kacheri Chowk, land acquisition for the Leh Expressway and Flood Channel, and the project management unit for Leh Expressway.
Despite the allocation of funds, work on the remodeling of Kacheri Chowk project and the land acquisition for Leh Expressway has not commenced.
Consequently, RDA surrendered Rs1,069 million and returned it to the Punjab government, while Rs46 million could not be utilised, leading to their lapse at the end of the previous financial year.
Looking ahead to the current financial year 2023-24, the Rawalpindi Ring Road project, with an estimated cost of Rs26.9697 billion, only secured Rs50 million for the July-October period.
The project management unit for Leh Expressway requires Rs100 million, but only Rs2 million has been allocated for July-October, with Rs86.130 million carried forward from previous releases.
Similarly, for the land acquisition for the flood channel project, only Rs1 million has been allocated for July-October and the remaining Rs24,959 million has been carried forward.
The Remodeling of Kacheri Chowk project, with an estimated cost of over Rs6.422 billion, will only receive Rs10 million for the July-October period.
Additionally, the Fawara Chowk parking plaza, requiring Rs425 million for the construction of three more floors, received only Rs10 million.
The release schedule for funding has been prepared in a manner that has left the completion of these projects uncertain.
Published in The Express Tribune, July 28th, 2023.