Rs1b endowment fund created to promote tourism
Govt releases Rs15.4b for uplift projects
The federal government has so far released Rs 15.4 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion.
Under its development program, the government has released an amount of Rs 10.2 billion for federal ministries, whereas Rs 4.6 billion for special areas, according to a data released by Ministry of Planning, Development and Reform.
Out of these allocations, the government released Rs 4.4 billion for Higher Education Commission out of its total allocation of Rs 29 billion.
Under annual development agenda, the government also released Rs 4.27 billion for Pakistan Atomic Energy Commissionfor which an amount of Rs 24.4 billion was allocated under PSDP 201819. Similarly, Rs 750 million were released for Communication Division (other than NHA) as the government earmarked Rs 9.8 billion in its PSDP 2019-20.
SUPARCO received Rs 365.8 million out of its total allocation of Rs 6.03 billion whereas Revenue Division received Rs 198.15 million out of total allocation of Rs 1.9 billion. The government also released Rs 4.6 billion for Azad Jammu and Kashmir (AJK) block and other projects out of its allocations of Rs 27.26 billion.
The Planning Commission of Pakistan follows the specific mechanism for release of funds. During first quarter (July-September) it releases 20 percent of development funds, in second quarter (OctoberDecember) 20 percent, third quarter (January-March) 30 per cent and fourth quarter (April-June) 30 percent.
Meanwhile the Planning Commission has clarified that a news item published in certain sections of media regarding authorization of PSDP funds during 2019-20 that the Ministry of Planning, Development and Reform has processed all demands received for authorization till August 16, 2019 against PSDP allocation. In a statement, the Planning Commission said "As per Release Strategy issued by the Finance Division on July 15, 2019, 20 percent of the PSDP allocation has to be authorized for PSDP funded projects".
Accordingly, Ministry of Planning, Development and Reform has to authorize Rs. 89 billion during the first quarter which is 20% of Pak rupee earmarked in current PSDP.
Out of this demand of Rs. 56 billion was received from all federal entities. This Ministry has authorized Rs. 22.6 billion to different ministries/ division which meet SOP/codal formalities for release authorization. The remaining was not authorized mainly due to non-fulfillment of codal formalities.
With an aim to promote tourism in the country, Pakistan Tourism Development Corporation (PTDC) is moving forward briskly on materializing creation of an endowment fund worth Rs one billion.
After the federal government leaped forward to fulfill its commitment for exploring more tourist destinations in the country, PTDC followed the suit with drafting rules for the fund and their early notification.
"An endowment fund titled 'Pakistan Tourism Development Endowment Fund' (PTDEF) has been created with seed money of Rs 1 billion to promote tourism across the country," Pakistan Tourism Development Corporation (PTDC) Managing Director Syed Intikhab Alam told APP.
The government has set up an endowment fund of Rs one billion to execute its marketing plans for promotion of the country's unexplored scenic sites and tourists resorts local and international level.
"The PTDEF would be formally launched shortly as rules for its operation and management had been sent to the Finance and Law Division for vetting," Intikhab said, highlighting the Pakistan Tehreeke-Insaf (PTI) government's one-year performance in the tourism sector.
The fund, principally approved by the government in May, would bring financial sustainability in executing the projects for tourism promotion, he added. Intikhab said the fund would be utilized for marketing and projection of tourist destinations, besides holding research, studies and surveys in tourism industry.
The government, Intikhab said, had also constituted the National Tourism Coordination Board (NTCB) to enhance liaison between federation and provinces, besides taking all necessary steps to turn Pakistan into a world class tourist destination.
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The PTDC had been assigned to act as secretariat and implementation body of the NTCB, he added.
The Managing Director said nine thematic working groups established by NTCB were in the process of finalizing their proposals and recommendations to project Pakistan's culture, heritage and archeology, adventure and ecotourism potential.
He said the NTCB was also working to develop Pakistan as a tourism brand in the World.
To select a name for the brand, Intikhab said surveys and polls were held for the first time. A well-thought out brand development and promotional campaign would be rolled out in fiscal year 2019-20, he added.
A Buddhist trail was also being developed in order to promote religious tourism in Pakistan, he said and added that the country had managed to attract foreign investment of 500 million UK pounds for revamping religious sites of Skihs.