Cost overrun of Islamabad airport went up to Rs68.911 billion, PAC told

11:44 PM | 31 Dec, 2018
Cost overrun of Islamabad airport went up to Rs68.911 billion, PAC told
Share
ISLAMABAD – The Auditor General of Pakistan (AGP) told the Public Accounts Committee of the Parliament on Monday that Islamabad International Airport project had a cost overrun of Rs 68.911 billion that was 186.25 percent more than the initial cost.

The Auditor General in a presentation on Islamabad International Airport project of Civil Aviation Authority said that according to PC-1 in March 2008 the cost was projected at Rs 37 billion.

In the first revised PC-1 in April 2014, the cost escalated to Rs 81.171 billion and in the second revised PC-1 in March 2018, the cost rose to Rs 105.911 billion.

The initial time for completion of the project was 30 months and it was to be completed by September 2010.

Up to October 2018, the expenditure went upto Rs 85,554 billion and the physical progress of the project was upto Rs 99.05 percent. The project was delayed by 8 years.

Ex-armymen accused of corruption charges in new ... 09:19 PM | 30 Aug, 2018

ISLAMABAD - The government on Wednesday informed the Senate that an enquiry of the Federal Investigation Agency (FIA) ...

According to the key audit findings in the audit reports 2010-18, unauthorized change of joint venture and payment of Rs 7811.33 million was made and there was irregular award of work at higher rates of Rs 5990.13 million. Procurement of imported equipment from other than authorized manufacturers for Rs 6509.716 million was also made and there was an irregular award of contract on negotiation basis for Rs 4503.985 million.

According to the audit paras, unwarranted payments due to decisions of “The Engineer” for Rs 4,083.81 million were made besides irregular award of works to ineligible contractors for Rs 2212.061 million.

The committee would discuss the matter further during its upcoming meetings.