Railways fail to utilize Rs14.7bn PSDP funds

The management of Pakistan Railways failed to utilize almost half of the Public Sector progress Programmed (PSDP) funds it had during the fiscal year 2015-16, according to an annual audit report. The funds were left unutilized due to poor planning and incompetence on the part of the company’s management, said that published recently by the Auditor General of Pakistan (AGP). The AGP office discussed the non-utilization of finances with the railways running and with the department accounts committee early this year. An audit of the Ministry of Railways in Aug & Sep last year revealed that an amount of Rs4.55bn was lying unutilized on June 30, 2015, in the company’s PSDP account with the State Bank of Pakistan. As of June 30, 2016, a number of unutilized funds jumped to Rs14.71bn as the company’s organization could only utilize Rs15.8bn out of the available finances of Rs30.5bn.

Leave a Reply

Your email address will not be published.