PESHAWAR, April 18: The NWFP budgetary plan to net Rs850 million current capital receipts during the financial year 2002-03 appears to be in jeopardy in view of the grim half-yearly position that left the province far behind the annual target, according to official sources.
The NWFP finance managers had anticipated to record net accretion of Rs450 million to the state provident fund in addition to recover loans and advances of Rs400 million during 2002-03.
The Rs400-million loans and advances were to be recovered from the local councils, municipalities, cooperative societies, industrial estates, autonomous bodies, agriculturists and government employees.
Out of the total amount anticipated, a sum of Rs225 million was to be raised by the end of first six months of the current fiscal from the capital receipts of state provident fund in addition to the recovery of loans and advances of Rs200m from the organizations and individuals.
Against the six months’ target of Rs425m current capital receipts, the province netted a total of Rs84m, trailing far behind the annual target.
The province, according to the sources, raised a total of Rs333 million through recovery of loans and advances from the autonomous bodies and other institutions — netting Rs133m more than the amount anticipated for the first six months.
In place of getting added the state provided fund by Rs225 million by the close of the first six months, the situation ended up all together at a different note, said the sources.
The state provident fund experienced greater withdrawals by the public sector employees leaving the provincial government’s capital receipts plan in shambles.
