PESHAWAR, May 5: Water and Power Development Authority (Wapda) has released Rs419m to NWFP against its net hydel profit share for the current financial year, according to official sources.

Fresh disbursement, made on April 26, increased the total amount released to the province under this head during the current financial year to Rs 1.919bn.

The province is expecting to receive Rs6bn on account of net hydel profit—the capped share amount Peshawar has been receiving for the last over ten years.

The  Rs1.919 bn received by the province during the first ten months of the current financial year was released to the province in four tranches including the first tranche of Rs 500m somewhere in the first half of the current financial year, second instalment of Rs500m in January 2003, Rs500m in the first fortnight of April and Rs 419m on April 26.

After the latest release of funds, the province is now entitled to get Rs4.081bn during the last two months of the current financial year ending on June 30, 2003.

Official sources contacted by Dawn said that the provision of funds would make positive impact on the provincial kitty creating some fiscal space.

The provincial government, said the sources, was in the process of releasing funds to district governments for development activities.  

Similarly, with only two months left before the current financial year closes on June 30, the government, added the sources, was in need of funds for development purposes.

These sources said though the latest tranche had created some fiscal space for cash-strapped provincial government, delay in releases by Wapda had already left the provincial budgetary plan for the current financial year in total disarray.

The provincial finance managers want the Wapda to release funds in 12 equal monthly instalments of Rs500m each out of the Rs6bn capped share amount.