Govt to set up Diamer-Bhasha, Mohmand Dam Fund

ISLAMABAD: The government has decided to establish the Diamer-Bhasha and Mohmand Dam Fund for raising financing for the construction of these two critical reservoirs in a bid to fight impending water scarcity.

The decision came after the Supreme Court earlier this week issued directives that construction of the two dams should start immediately and appealed to the people, including overseas Pakistanis, to make contribution for executing the projects.

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According to a notification issued by the Finance Division on Friday, contributions to the fund will be received at all branches of the State Bank of Pakistan (SBP), all treasuries and branches of National Bank of Pakistan and other scheduled banks.

The fund will receive donations from both domestic and international donors as well as contributions from abroad which will be received at all branches of the above banks where such branches exist.

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In other foreign countries, contributions will be received at Pakistani missions and remitted to the SBP, which will prescribe necessary accounting procedures.

All proceeds received in the name of the fund should be credited to the public account of the federal government under the heads of Special Deposit Fund, Development Fund and Diamer-Bhasha and Mohmand Dam Fund.

Accounts related to the fund would be maintained by the Accountant General of Pakistan Revenue Islamabad and it would be administered by the registrar of the Supreme Court till further court orders, the notification added. APP

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