Financial crunch worries CDA employees

ISLAMABAD- Capital Development Authority (CDA) is facing severe financial crunch with only Rs 2 billion total revenue left for running the affairs of country's largest civic body. Though the Authority's total reserves at time mount to Rs 8 billion, however, the same consist of Rs 6 billion security deposits, which CDA would have to pay back to contractors after completion of their projects, a source within the Authority informed TheNation. The incumbent administration of CDA is blaming the previous one for presenting a budget based on speculations only. However, CDA's former Member (Finance) Kamran Ali Qureshi, in a farewell gathering in Islamabad Club on Monday, turned down the allegations, saying that he had left Rs 11 billion while leaving the Authority 15 days back. He said the situation was an outcome of the poor management on the part of CDA's finance wing. "During the past four years we increased the budget from Rs 4 billion to Rs 26 billion", former Member (Finance) said, "And we managed revenue for executing all the projects mentioned in each budget", he said. A top official of the Authority, in background discussion, attributed the situation to the deteriorated political and security situation of the country due to which investors were reluctant to invest even in the federal capital. He also informed that CDA couldn't auction a single plot during the past one and a half year as the prevailing uncertainty busted prices of the real estate. Another high official said that the crunch was temporary and would soon be brought under control. He said the Authority was receiving revenue of Rs 15-20 million on daily basis, which, he said, was sufficient to run the wheel of development in the city. However, he said, CDA would have to sell out some plots to further strengthen its financial position. He said that the situation is unlike to affect the ongoing development projects. We are paying Rs 190 million to the contractor of Zero Point Interchange tomorrow, which shows, he said, that we are on strong footings. The news, however, has sent a wave of fear amongst the staffers of the Authority, who are worrying whether the civic giant would be able to pay them for their services during the next month or ?

The writer is a member of staff and can be reached at khalidaziz100@gmail.com

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