30 per cent of 1,040 projects completed

National 1 minute, 46 seconds

BANDAR SERI BEGAWAN

ALMOST 30 per cent of the 1,040 projects under the National Development Plan (RKN) 2007-2012 have been completed, the Second Minister of Finance disclosed yesterday.

Some 48 per cent of these projects, said Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim, are in the process of implementation or under construction. Six per cent are in the tender stages, nine per cent are in the design phase while the remaining eight per cent are in the planning stages.

A budget allocation of $1.05 billion for fiscal year 2011/2012 has been prepared under the National Development Plan, similar to last year's.

This year's budget distribution under the National Development Plan will focus more on projects that are already in progress, those expecting tender awards and those that will be tendered.

"This is to ensure that the budget allocation will be fully utilised," said the minister, adding that the distribution focus also considers efforts of ministries and expenditure performances in the 2010/2011 fiscal year.

He said that in the fiscal year of 2011/2012, completed projects with existing liabilities has been allocated a sum of $45.1 million or 4.3 per cent and $758.8 million or 72.3 per cent for projects in progress.

$83.5 million or eight per cent of the allocated budget under the National Development Plan will go to projects which are in the tendering stage, while tendered projects will get $82.3 million or 7.8 per cent, he added.

For projects which are still in the planning stages, and those that need initial works such as pre-design, top survey and soil investigation, $19.9 million or 1.9 per cent of the budget will be provided.

The minister also pointed out the sum and percentage of the National Development Plan budget that would help to finance projects which require additional costs.

To accommodate additional expenses such as consultant services, furniture, earthworks and infrastructure, the government may provide $8 million under 'Miscellaneous Costs' following additional fees, furniture and equipment.

"Another $8 million will go to Site Development," said the minister.

To meet the requirements of sectors that spend beyond their budget, $44.3 or 4.7 per cent will be provided under the Contingency Reserve.

The Brunei Times