Business

Rs472b given despite fiscal constraints

Rs472b given Despite fiscal constraints
Rs472b given Despite fiscal constraints

The government approved 11 plans, including projects aimed at rehabilitating floods and luring rural and urban voters.

With a shortage of budgetary resources, the government has approved 11 projects worth Rs472 billion. An array of vital flood-related projects and politically driven schemes aim to attract rural and urban voters.

The Executive Committee of the National Economic Council (ECNEC), the most potent authority for approving projects, approved these plans, which included hugely rationalizing the costs associated with this project. Sindh is the government’s top Flood Response Emergency Housing project. The initially said that the plan had been swiftly approved for Rs330 billion. But the ECNEC then cut it to Rs160 billion on Wednesday.

Finance Minister Ishaq dar chaired the ECNEC meeting.

The ECNEC approved the National Development Internship Programme to offer 20,000 internships to counter PTI’s“youth” narrative. However, the stipends will be paid from the contingency budgets for the approved schemes, which could cause fiscal problems for these programs.

The program is in line with the vision of the prime minister to integrate youth and include them in the nation’s development, According to a document released by the ministry of finance.

The ECNEC also approved the Prime Minister’s Youth Laptop Scheme, HEC (Phase-III), with Rs10.9 billion, which will provide talented students the chance to pursue higher education in institutions in the public sector throughout the country, including Azad-Jammu and (AJK) in addition to Gilgit-Baltistan according to the ministry. It also approved funding for the Flood Response Emergency Housing Project at a fair cost of Rs. 160 billion, including a $500 million loan from the World Bank to help flood victims rebuild and restore their homes in every district of Sindh.

The ECNEC had previously approved the scheme on October 28 with an amount of Rs330 billion. The price has been decreased to 170 billion. It is thought that the World Bank has already authorised the project’s $500 million loan.

The Planning commission submitted a summary of The Indus Highway (N-55) Additional carriage projects. The ECNEC permitted 15% of the procurement cost for each of the four parts that comprise the scheme in US dollars by the Asian Development Bank (ADB) guidelines. ECNEC accepted the project on October 1, 2022. The project has a total cost of Rs44.7 billion, with an ADB part of Rs40.2 billion.

The Gravity Flow Water Supply Scheme in Mansehra, with a cost of Rs18.6 billion, is also being built. According to the ECNEC. The plan intends to supply Mansehra with a potable gravity flow water delivery system that will last until 2040 and meet all of its needs. When the project is finished, it will serve 201,249 people with the necessary potable water supply for the anticipated time.

The Gravity Flow Water Supply Scheme in Mansehra, with a cost of Rs18.6 billion, is also being built. According to the ECNEC. The plan intends to supply Mansehra with a potable gravity flow water delivery system that will last until 2040 and meet all of its needs. When the project is finished, it will serve 201,249 people with the necessary potable water supply for the anticipated time.

The ECNEC approved the post-Flood 2022 Reconstruction Program Resilience, Strengthening and Livelihood Diversification in Balochistan. The project will cost a sum of Rs88 billion, which will be funded with the help of the World Bank.

The strategy would be carried out by the Balochistan administration and national government. With a special emphasis on the ravaged. According to the Finance Ministry, by floods and a resource-limited province.

The Special Development Initiatives for the country’s disadvantaged districts were approved by the ECNEC for 40 billion rupees. With the provincial and federal governments equally sharing the costs. The plan seeks to propose measures that will significantly alter the social and economic foundation of the districts. But, there needed to be more funding allocated to it in the budget.

The finance ministry further stated that it has been decided to approve an Overseas Scholarship for MS and M Phil leading to Ph.D. in specific fields at a cost of Rs22.2 billion. This will allow young Pakistani students to study at some of the world’s most prestigious universities.

A strategy to give children from Balochistan access to higher education. Additionally, Rs. 8.6 billion was granted to the former FATA in order to provide talented kids from underprivileged areas. E qual opportunity to pursue education and advance them over the rest of the nation

The Sindh Human Capital Investment: 1000 Days of Integrated Health and Population program, worth Rs61.6 billion, was also authorized by the ECNEC. Which will improve teenage, expectant, and maternal nutrition and health services utilization and quality.

 

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