ISLAMABAD - The Capital Development Authority (CDA) has given final shape to the budget for the fiscal year 2012-13, having a volume of more than 26 billion rupees.
Cabinet Division has formally approved the proposed CDA budget. Chairman CDA, Farkhand Iqbal, who is on a visit to China with President Asif Ali Zardari, will formally announce the budget in the third week of current month.
Sources said he would also announce the commencement of two new sectors, C-15 and C-16, as a mega-project aimed at giving accommodation facilities to the middle class in the federal capital. This mega project is the biggest one launched during the four-year long tenure of the present government.
Because the CDA is facing intense financial crisis these days, the mega-project will involve partnership with a private company and its success is more likely through private-public partnership. The CDA is expected to receive an income of nearly 17 billion rupees from the new sectors of C-15 and C-16.
Out of the total of 26 billion rupees of the CDA budget, 14 billion rupees account for development programmes, while 12 billion rupees have been allocated for non-development expenditures. In addition, the federal government will also issue a grant of 3 billion rupees under annual development programme - from the total amount of CDA budget - while CDA will arrange the remaining amount from its own resources for the development of the federal capital.
According to sources, 4 billion rupees have been assigned for the payment of salaries to the CDA employees and for pensions of the retired personnel. CDA will also implement the decision of a 20 percent increase in the basic income of its employees.
A considerable amount has also been allocated for the ongoing projects of CDA, including Park Enclave, Margalla Avenue, extension of Kashmir Highway, and the construction of 11th Avenue.