Latest news with #DevelopmentandSpecialInitiatives
Express Tribune
9 hours ago
- Business
- Express Tribune
Minister says M-6 to cost Rs364b
Minister for Planning, Development and Special Initiatives has clarified that the Cost of M-6 Hyderabad-Sukkur Motorway rationalized from 395 billion to 364 billion. It is to clarify that during the Central Development Working Party (CDWP) meeting held on June 18, 2025, an error was made in the cost figure of the Hyderabad-Sukkur Motorway (M-6) project, which was inadvertently reported, said a release issued here on Friday. The correct revised cost of the project, as recommended to the Executive Committee of the National Economic Council (ECNEC), is Rs364 billion, not Rs395 billion as initially stated in press release.
Business Recorder
3 days ago
- Business
- Business Recorder
PSDP 2024-25: Ministry authorises Rs1.035trn for projects, releases Rs596.61bn
ISLAMABAD: The Ministry of Planning, Development and Special Initiatives has authorised a total of Rs1.035 trillion (94.51 per cent ) out of Rs1.096 trillion for development projects from July to May while Rs596.61 billion have been expended so far under Public Sector Development Programmes (PSDP)-2024-25. According to the Ministry of Finance's notification, the Ministry of Planning, Development and Special Initiatives authorised 15 per cent funds for the first quarter, 20 per cent for the second quarter, 25 per cent for the third quarter, and 40 per cent for the fourth quarter under the PSDP. According to the data available on the website of Ministry of Planning, the ministry authorised Rs770 billion (92.8 per cent) for development projects of various federal ministries, divisions and other departments against Rs829.67 billion including Rs139.2 billion foreign loan budgeted allocation for the financial year 2024-25. A total of Rs437 billion has been expended so far on the development projects on various federal ministries, division and departments. The ministry authorised Rs256.85 billion (100 per cent) out of Rs265.85 billion budgeted allocations for the National Highways Authority (NHA) and power sector (NTDC/PEPCO) for development projects. But a total of Rs159.56 expenditures have been made so far on the development projects. A total of Rs161.26 (100 per cent ) billion has been authorised out of Rs161.26 billion for development projects of the NHA while Rs87.42 billion has been spent. A total of Rs104.59 billion (100 per cent ) has been authorised out of Rs104.59 billion for the power sector (NTDC/PEPCO) while Rs159.56 billion expenditures have been made from July to May 2025. According to the data, a total of Rs48.97 billion (100 per cent) has been authorised out of Rs48.97 billion budgeted allocations for development projects for the Cabinet Division, while Rs34.97 billion has been expended. A total of Rs5 billion has been authorised out of Rs5 billion for development projects of the Aviation Division, Rs3.535 billion (100 per cent ) for the Climate Change Division, Rs20.75 billion (100 per cent ) for the Federal Education and Professional Training Division, Rs5.578 billion (100 per cent) for defence Division, Rs7 billion out of Rs7.1 billion for Finance Division, Rs710 million (100 per cent) for States and Frontier Regions Division, Rs11.375 billion (100 per cent) billion for Information Technology and Telecom Division, and Rs35 billion (100 per cent ) for Railway Division during financial year 2024-25. The ministry also authorised Rs217.66 billion out of Rs276.45 billion for provinces and Special Areas, Rs61.12 billion (100 per cent) for development projects for Higher Education Commission (HEC), and Rs8.374 billion (100 per cent) has been authorised for the development projects of National Food Security and Research Division. The ministry also authorised Rs9.78 billion (100 per cent) budgeted allocation for the Interior Division, Rs21 billion (100 per cent ) for National Health Service, Regulations and Coordination Division, Rs2.176 billion (100 per cent ) for Defence Production Division, Rs8.49 billion (100 per cent) for Planning, Development and Special Initiatives Division, Rs6.65 billion (100 per cent) for Science and Technological Research Division, Rs3.23 billion (100 per cent) for Petroleum Division, and Rs199.6 billion (100 per cent out of Rs199.6 billion budgeted allocation for development projects of Water Resources Division etc. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Accelerated Implementation Programme: Govt releases Rs35.968bn funding package for KP's merged districts
ISLAMABAD: Federal government has released a major funding package of Rs 35.968 billion for the merged districts of Khyber Pakhtunkhwa under the Accelerated Implementation Programme (AIP). The Ministry of Planning, Development and Special Initiatives has released a major funding package of Rs 35.968 billion with approval of Prime Minister Shehbaz Sharif for the merged districts of Khyber Pakhtunkhwa under the AIP. This approval, issued in line with the directives of Prime Minister Shehbaz Sharif, represents a critical step toward the sustained development and uplift of the newly merged areas (formerly FATA), aiming to ensure inclusive growth and long-term stability in the region. The initiative falls under the broader Ten-Year Development Plan for Ex-FATA, implemented through the Federal Public Sector Development Programme (PSDP) 2024–25. With this latest funding authorisation, the total allocation for the AIP Programme under the current fiscal year reaches Rs 42.315 billion. Iqbal emphasised the significance of this investment. 'We are unlocking Rs35 billion for the Newly Merged Areas—one of the biggest investments for the uplift of the area and the communities have ever seen. It's not just numbers; it's hope for families who have waited too long for light, for education, for safety,' the minister said. According to a handout issued by the Ministry of Planning on Tuesday, the allocated funds will support a series of transformative projects aimed at bridging development gaps and improving living standards across the region. Key initiatives include the solarisation of off-grid households, with Rs 13.5 billion set aside to provide solar energy solutions to 120,000 households or implement a 50 MW utility-scale micro grid, ensuring sustainable and affordable power access. Additionally, Rs 7 billion has been allocated for the construction of police stations and police posts, including the transformation of Levies forces, to enhance law enforcement capacity and public safety in the region. The development of FATA University has also been given, with Rs 2.5 billion earmarked for strengthening its academic and institutional infrastructure, providing youth from the region with greater access to quality higher education. Furthermore, an amount of Rs13.145 billion, as requested by the Government of Khyber Pakhtunkhwa, has been authorised to clear outstanding liabilities for ongoing schemes, ensuring the timely completion of critical infrastructure and development projects. Minister Iqbal reiterated the government's commitment to inclusive development: 'These are real steps toward a better, brighter future.' 'Our message is simple: Newly Merged Districts are important priority of Federal Government. We look forward to working with KP government above partisan lines for the development of a region, which has suffered greatly due to terrorism,' he said. He said that this landmark funding package reaffirms the federal government's resolve to uplift underdeveloped regions and integrate them fully into the national development framework, ensuring equitable growth, improved governance, and social cohesion across Pakistan. Funds may be utilised under supervision of a steering committee headed by the chief minister KP, with minister finance KP and a federal minister and secretary planning and rep of 11 Corp HQ as members. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business
- Business Recorder
Development outlay soars 50pc to Rs4.2trn in 2 years: minister
ISLAMABAD: Federal Minster for Planning, Development and Special Initiatives Ahsan Iqbal said that Pakistan's national development outlay has increased by 50 percent, Rs2.832 trillion to Rs4.2 trillion, in two years. 'The national development outlay has escalated due to increasing tax collection revenue. The provinces receive a 60 percent share in the collected revenue, which has led to a rise in their annual development plans. Our five-year plan envisaged allocation of Rs4.2 trillion for the development budget in the fifth year, but this target has been achieved in the second year, describing it as encouraging,' the minister expressed these views while addressing a news conference on Thursday. Budget FY26: APCC proposes historic Rs4.083trn outlay He said that government could increase fiscal space by increasing export and to improve tax collection. He said that 29 percent tax collection has been increased due to making structural reforms by the Federal Board of Revenue (FBR). The minister said that inflation has been reduced from 38 percent to four percent. He said that policy rate has been reduced from 23 percent to 11 percent. 'The government controlled economic losses due to taking better financial measures and discipline. The international departments are also recognising the better economic discipline of the government,' he said. He said that the government wants to increase the tax-to-GDP ratio from 16 percent to 18 percent. Highlighting the priorities,the minister said that it has been decided to put Balochistan on the path of accelerated development. He said that Rs230 billion have been earmarked in the development budget for projects in Balochistan with the aim to improve its connectivity. He said our next thrust is on water sector and completion of water reservoirs. Referring to the weaponisation of water by India, he made it clear that India will not be allowed to stop water. He, however, he emphasised that Diamer Bhasha and Mohmand Dams will be completed on war footing. He said the government would try its level best to complete Bhasha Dam in 2030. He said that big projects like the Diamer Bhasha and Mohmand Dams, Quetta–Karachi Highway, and new motorways will create jobs, boost agriculture, and connect our people. Highlighting infrastructure, he announced, 'Major projects include Diamer Bhasha Dam (Rs33 billion), Mohmand Dam (Rs35 billion), Quetta–Karachi Highway (Rs100 billion), M-6 Motorway, N-55 Indus Highway, and Eastbay Expressway Phase II. In water and energy, over Rs223 billion has been allocated, including 12 hydropower projects and the 1,200 MW Sindh Solar Project. We are building a clean, self-reliant energy future.' About the water and energy security, the minister said that Rs223 billion for clean energy and grid upgrades, with a major push on large hydropower projects and water management to reduce future crises. He said that 12 hydropower projects with cumulative planned output of over 9,000 MW. He said that 1,200 MW Sindh Solar Project and major transmission lines connecting South and the North of Pakistan. Speaking on investor confidence, Iqbal stated, 'Investor sentiment has dramatically improved. The IMF has approved $1.4 billion under the Resilience and Sustainability Facility (RSF) —first time ever for Pakistan. We've completed the SBA programme successfully and received the second tranche under the Pakistan's Extended Fund Facility (EFF). International agencies like Fitch and Moody's have upgraded Pakistan's outlook. The World Bank signed its first ten-year $20 billion Country Partnership Framework. These are not just endorsements; they are a vote of trust in our reform momentum.' He emphasised, 'Our fiscal deficit has come down from 5.9 per cent to 3.9 per cent. Remittances are expected to hit $38 billion this year. We have controlled Rs140 billion in losses from electricity companies, and new exploration and production investments worth $5 billion have been secured.' He elaborated that 'ongoing federal projects now total Rs12.8 trillion, with Rs8.5 trillion in throw-forward liabilities. Low allocations increase costs every year due to delays. Our approach is to focus on projects that generate jobs, improve exports, ensure climate resilience, and build human capital.' The minister for planning said infrastructure projects that improve regional connectivity is also our priority. He said that said the government is focusing on equipping the youth with the latest skills. He said a programme will be implemented to train over 200,000 youth in IT skills. He mentioned that Elimination of Hepatitis Programme has also initiated in the health sector at a cost of Rs64 billion. He said Jinnah Medical Complex and Daanish University will be established in the federal capital. He said a special economic zone one five hundred acres of land will be established in Karachi. The minister said that Uraan Pakistan framework is being taken forward. He said our target is to achieve sustainable growth. He said the country's economic growth remained 2.7 percent in the current fiscal year and our target for the next fiscal year is 4.2 percent. Copyright Business Recorder, 2025
Business Recorder
06-06-2025
- Business
- Business Recorder
‘Monthly Development Plan' unveiled: Pakistan upbeat about 4.2pc growth
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal reaffirmed confidence in achieving a 4.2 percent GDP growth rate in fiscal year 2025-26, projecting a climb to six percent by the fiscal year 2028-29 of the current five-year plan. Speaking to the media at the launch of the Monthly Development Plan on Thursday, he said the government had achieved a significant milestone by preparing a Rs4 trillion national development outlay for the fiscal year 2025–26, in just the second year of its five-year term, a target originally scheduled for 2028–29. According to documents shared by the Planning Ministry, the minister said that the government projected GDP growth targets 4.2 percent for fiscal year 2025-26, 5.1 percent for 2026-27, 5.7 percent for 2027-28 and 6 percent for fiscal year 2028-29. Budget FY26: APCC proposes historic Rs4.083trn outlay The agriculture sector growth targets have been projected 4.5 percent for fiscal year 2025-26, 4.4 percent for 2026-27, 4.6 percent for 2027-28 and 5.1 percent for fiscal year 2028-29. The minister said that the ministry has proposed Rs17.083 trillion National Development Outlay for next five years. He said that a total of 1.1 trillion for fiscal year 2024-25, Rs1.28 billion for 2025-26, Rs1.41 trillion for 2026-27, Rs1.53 trillion for 2027-28 and Rs1.7 trillion for fiscal year 2028-29. About the Industry, the ministry gave projection of growth targets, 4.3 percent for fiscal year 2025-26, 6.2 percent for 2026-27, 6.8 percent for 2027-28 and 6.9 percent for fiscal year 2028-29. About the services sector, the ministry projected four percent growth target for fiscal year 2025-26, five percent for 2026-27, 5.7 percent for 2027-28 and 6.2 percent for fiscal year 2028-29. About the total investment percent of GDP, according to documents, 13.8 percent target has been set for financial year 2025, 14.7 percent for 2026, 15.6 percent for financial year 2027, 16.4 percent for 2028 and 17 percent for fiscal year 2029. About the public sector, 2.9 percent target of total investment of GDP for fiscal year 2025, 3.2 percent for 2026, 3.5 percent for 2027, 3.5 percent for 2028 and 3.7 percent for fiscal year 2029. About the private sector investment, the Ministry proposed 9.1 percent target for fiscal year 2025, 9.8 percent for 2026, 10.4 percent for 2027, 11.1 percent for 2028 and 11.6 percent for fiscal year 2029. About the National Saving percentage of GDP, 14.1 percent investment target of GDP for fiscal year 2025, 14.3 percent for 2026, 15.1 percent for 2027, 15.6 percent for 2028, and 15.8 percent for fiscal year 2029. According to documents, the export would be increased $ 63 billion in five years, inflation would be reduced 6.2 percent and foreign direct investment would be increased 30 percent. The unemployment rate would be reduced to underfive percent and industrial production would be increased 40 percent. The planning minister said, 'We have a broader vision of transforming Pakistan into a $1 trillion economy by 2035. If we can reach $600 billion by 2029, adding another $400 billion over the next five to seven years is certainly within reach'. He said that outlining strategic priorities for the coming year, the government's focus would be on 'governance, innovation, and reform' to maintain growth momentum. He said that in a major positive development, the minister highlighted that headline inflation had dropped to 3.5 percent in May 2025, down sharply from 11.8 percent a year earlier. 'Only a few countries in the world have managed to bring double-digit inflation down so drastically in such a short time,' he noted. He said that foreign remittances had also seen a considerable jump, with inflows increasing by $10 billion over the past three years. He said that our remittances have grown from $27 billion to $37 billion, crediting the Pakistani diaspora for their resilience and patriotism. Sharing recent financial successes, the minister said Pakistan had posted a $1.9 billion current account surplus between July and April — a sharp reversal from a $1.3 billion deficit during the same period last year. He also revealed that improved project evaluation by the Planning Commission had saved the national treasury Rs5.4 billion last month. 'Better scrutiny and smarter planning make a big difference,' he said. Turning to national security, the minister mentioned a high-level, single-agenda meeting chaired by Prime Minister Shehbaz Sharif and attended by key national leadership, including representatives from Azad Jammu and Kashmir and Gilgit-Baltistan. 'The agenda was clear, crafting a unified national strategy to counter Indian aggression and provocations,' he said, warning India against weaponising water resources, which he described as a violation of international agreements. 'Pakistan's water rights are not a favour from India, they are protected by international treaties,' he asserted. Ahsan Iqbal said that just as Pakistan's armed forces had shattered India's arrogance on the battlefield, the country would counter India's economic and political hostility with unity, resilience, and adherence to international law. Copyright Business Recorder, 2025
