Govt releases Rs 4.21b for IT projects

Islamabad: The government Thursday has released funds amounting to Rs4.21 billion to execute Information Technology (IT) related projects during the first four months of the current fiscal year under the Public Sector Development Programme (PSDP 2022-23).

According to details, the government had authorized the utilization of development funds amounting to Rs4,211.21 million out of a total allocation of Rs5,731.70 million for various ongoing and new projects of the Ministry of Information Technology and Telecommunication.

Out of the total authorized amount, the total amount spent on the development projects during the corresponding period (July-October) stood at Rs3,487.32 million.

According to the disbursement mechanism of the Planning Division, the development funds allocated in the federal budget are released at the rate of 20% in the first quarter (July-September), followed by 30 percent each in the second and third quarters and the remaining 20% in the last quarter (April-June) of a fiscal year.