Govt improves fund approval for fast-track development

Sep 05, 2019: In order to expedite work on development projects and avoid unnecessary delays in the process of approval, the government has improved the project financing mechanism to ensure fast-track development all across the country.

In accordance with the new mechanism, only those projects could be sent for the approval of Executive Committee of National Economic Council (ECNEC) which involve over Rs10 billion, official sources said.

Accordingly, the projects from Rs2 billion to Rs10 billion would be approved by the Central Development Working Party (CDWP) while the projects worth less than Rs2 billion would be approved by the ministries by themselves.

The measure has been taken to avoid extra-ordinary delays in the process of project approvals, sources added.

Meanwhile, the government has been attaching top priority to the development of projects in agriculture sector to ensure rural development and improve agriculture growth rate, which has been stagnant for last around five years and below one percent last year.

The ECNEC has given approval to Rs579 billion projects, out of which Rs250 billion projects are in the agriculture sector, indicating the emphasis and focus of the government towards the development of this sector for poverty alleviation and rural development.

The government has set the growth target of 3.5 percent for the agriculture, which would help not only to achieve the growth target of 2.4 percent set for the fiscal year 2019-20 but also to surpass it considerably.

It is pertinent to mention here that after coming into power, the government had focused many fronts to improve economy, provide relief to the masses and develop rural economy.

The private sector, vulnerable segments of society and ignored reigns of the country were given special attention in the federal budget of the current fiscal year.

APP