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4% GDP growth target set for next fiscal year

The Annual Plan Coordination Committee (APCC) has approved an ambitious national development plan of Rs1,837 billion for the next financial year with provincial contribution of Rs912 billion.

The federal government will spend Rs925 billion on development projects, which includes Rs675 billion through the PSDP and another Rs250 billion through a public-private partnership. A block allocation of Rs100 billion is also included in the next PSDP for programmes managed by the finance division.

“Our focus is national projects like the Bhasha, Dasu and Mohmand dams, transmission lines and the eastern route of CPEC. Other priority areas include climate change, water, agriculture, health, knowledge economy, regional equalisation development and CPEC projects,” said Federal Minister for Planning, Development and Reforms Khusro Bakhtyar told the media in Islamabad.

Giving broader outlines of the next financial year’s PSDP, Makhdum Khusro said that this will be the incumbent government’s first development portfolio under serious budgetary constraints.

The federal government will spend Rs371 billion on infrastructure-related projects, including Rs200 billion on transport and communication, Rs80 billion on energy-related projects, Rs70 billion on water and Rs21 billion on physical planning and housing, according to a sectoral summary available with SAMAA TV.

According to the proposed PSDP, Rs94 billion will be spent on the social sector, including Rs32 billion on HEC and Rs20 billion on health and population.

Special areas of AJK and GB will get Rs39 billion while merged districts of KP will be given Rs24 billion for development schemes during the next fiscal year. Knowledge economy initiative related projects will get Rs13 billion.

Even then, new important areas including climate change, clean green Pakistan, knowledge economy, human resource development, agriculture growth, regional equalisation development programme will be given priority besides harnessing full socio-economic potential of the CPEC, stated the minister.

He said the growth strategy of the government is to create more opportunities for the poor and vulnerable and support regional equalisation.

The minister highlighted that the previous government mismanaged the PSDP (2018-19) in the last year of its term by adding 393 projects with a throw-forward of Rs2 trillion which was 33% of the total throw-forward against a meager allocation of Rs55 billion.

Recognising the critical role of the private sector, public-private partnership, BoT and other modes of financing, he said that construction work on the Sukhar-Haiderbad section of the eastern route of CPEC will be started this year under a BOT basis which will save $2 billion.

Special importance will be given to the backward and remote areas, especially Balochistan, South Punjab, rural Sindh and southern Khyber Pakhtunkhwa.

The meeting was informed that GDP growth will remain at 3.3 % during the ongoing fiscal year while a 4% GDP growth target is set for the next fiscal year 2019-20. The National Economic Council, headed by the prime minister, will give final approval of these economic targets. ​

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Article source: https://www.samaa.tv/news/2019/05/4-gdp-growth-target-set-for-next-fiscal-year/

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