CDA facing financial crunch: fiscal deficit reach to Rs 28 bln

The financial crisis confronted by Capital Development Authority (CDA) has worsened as fiscal deficit reaches to Rs 28 billion despite doubling the tax ratio. Sources told Online news agency that CDA is facing historical financial deficit due to poor policies and negligence of the administration. The ongoing developing projects in the city have been suspended, as the constructors have not been paid money. CDA has decided to sale it's assets to overcome the crunch. On the other side, CDA has to pay Rs 22 billion for purchasing land for new sectors while CDA has to pay Rs 5 billion to the constructors. Sources further told that construction work on zero point interchange is at snails pace because the construction company has not been paid money.