ISLAMABAD: The foreign funded WAPDA-Power mega projects are facing slow inflows from different international lenders mainly to due to insufficient rupee cover and bad economic situation in the country.
The Federal Government led by Premier Shehbaz Sharif has estimated to get external financing for 29 projects related to power sectors in budget of the current fiscal year. Surprisingly, there are several projects that could not get even a single rupee of foreign funding in the first quarter of the current financial year.
Sources in the Ministry of Water Resources told this stringer that the government has estimated to get $70.84 million (Rs20.9 billion) for Dasu Hydro Power project (Stage-I) from International Development Association (IDA), World Bank. Contrary to the estimates, the government could not get single penny from this source during the first quarter of the current fiscal year.
During the budget preparations, the govt has also estimated to obtain $40.50 million (Rs.12 billion) for Mohmand Hydro power project from Islamic Development Bank (IsDB) for the current fiscal year. Out of total estimates, the Bank has disbursed only $0.33 million (Rs 90.94) during the first quarter of the current fiscal year. The Kachhi Canal Project restoration of Flood Damages project was also waiting funds from the Islamic Bank as the govt had estimated $33.9 million (one billion rupee) to get from the bank.
The budget estimated funds worth $5.1 million (Rs.1.5 billion ) from Kuwait for Golan Gol Hydro Power Project could also not come in true during the first quarter of the current fiscal year.
Saudi Arabia was also supposed to provide Rs10 million for the hydro project which could not materialized so for. Saudi Arabia has disbursed $6.35 million (Rs1.77 billion) The govt has estimated in first quarter out of total budget amount $34.23 million (Rs 10 billion) for Mohmand Hydro Power Project.
The Arab nation was supposed to give Rs10 million for Chashma Right Bank Canal Project (Lift Cum Gravity) District Dera Ismail Khan, but could not disbursed single penny.
The United States of America disbursed $31.30 million (Rs8.72 billion) in first quarter against the govt’s estimates of Rs2.034 billion for Mangla Refurbishment & Up gradation projects during the current fiscal year.