Punjab’s overdraft converted into loan

ISLAMABAD: The overdraft borrowing by Punjab from the federal government is within the limit of Rs20 to Rs22 billion, and the federal government has converted it into a loan payable over a period of four years, Punjab Finance Minister Tanvir Ashraf Kaira said in Rawalpindi on Friday. 

It is not only Punjab, but other provinces also face the situation of overdraft since eighty per cent resources come from the federation, he said while addressing the members of Rawalpindi Chamber of Commerce and Industry.

Funds for nine major programmes not released

ISLAMABAD: The federal government, owing to financial constraints, did not release any funds to nine major programmes, including the Export Investment Development Fund, SME Development Support Fund and Venture Capital Fund, in the first quarter of the current fiscal year. 
 
The government had allocated Rs10 billion in the budget for fiscal year 2009-10 for the Export Investment Development Fund to finance initiatives for exports enhancement, but no amount was released in the first quarter for this programme.