ISLAMABAD: The National Economic Council (NEC) approved Rs800 billion under the PSDP, including foreign aid and viability gap financing, for the year 20223-24.
According to a document available with We News, the proposed allocation was divided among several ministries, corporations, special areas, merged districts, Sustainable Development Goals (SGDs) achievement programme, and ERRA after reviewing the allocation of Rs800 billion for the outgoing fiscal year.
According to the document, an amount of Rs64 billion were re-appropriated, whereas an amount of Rs75 billion were made available through TSGs. Besides, Rs9.145 billion were recommended for the installation of a 6x600MW coal-fired power plant in Jamshoro and other areas.
It added that by May 2023, a total of Rs703 billion had been disbursed for utilization in the PSDP 2022-23, and so far, overall utilization stood at Rs456 billion. “The pace of utilization improved in the second half of the fiscal year, and it is expected to be higher compared to the previous year. Reportedly, about 164 projects costing Rs294 billion were completed during the fiscal year” the document said.
The proposed PSDP for 2023-24 aims to address socioeconomic challenges, recover the economy, and regain economic growth momentum. As per Wenews, ministries initially demanded over Rs. 2.6 trillion for projects, but due to fiscal constraints, the essential money requirement was taken up with Finance. However, the provisional size of the PSDP was indicated at Rs. 700 billion, with an additional Rs. 200 billion through the PPP mode.
The proposed PSDP’s sector-wise summary includes infrastructure, social sectors, special areas, merged districts, science & IT, governance, production sectors, ERRA, and others.
The sectoral strategy and priorities for the PSDP include aligning with development frameworks, prioritizing the power sector, promoting industrial linkages and infrastructure modernization, conserving and augmenting water resources, focusing on social sectors, fostering innovation and research, balanced regional development, and launching development initiatives for backward/poor districts.
New PSDP 2023-24 initiatives include floods, governance, social sectors, innovation, artificial intelligence, youth initiatives/internships, and regional balanced development. The proposed allocations for ministries/divisions, Pakistan Development Fund, and VGF for PPP/BOT projects and the allocation for provincial ADPs are provided.
