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CPI Preview: Inflation to fall below 14% YoY in May

KPK reports zero domestic debt: Muzzammil Aslam

KPK reports zero domestic debt: Muzzammil Aslam
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April 17, 2024 (MLN): The total debt of Khyber Pakhtunkhwa stands at Rs636 billion, with no domestic debt, Muzzammil Aslam, Advisor on Finance to the Chief Minister of Khyber Pakhtunkhwa, revealed during a Donors' Conference on the development of the merged districts on Wednesday.  

He also informed that the GDP of KPK is $30-35bn, compared to Pakistan’s GDP, which is $350bn.

On the upside, out of Pakistan’s $30bn in remittances, KPK’s share is over 40%, he added.

Currently, there are 31 active plans for which Rs459bn has already been distributed, while Rs919bn will be distributed soon.

Projects like BRT and Swat Motorway have been completed with the help of partners.

“We aim to capitalize on the untapped potential of the province,” he stated.

On the energy front, KPK is producing 6,600 megawatts of electricity at only Rs1.1 per unit, while in Pakistan, the price of electricity is Rs30 per unit. KPK has the potential to produce 30,000 megawatts of electricity.

Muzzammil Aslam also highlighted that the merged areas are blessed with natural resources, including minerals, coal, and precious stones, with each merged district having a different mineral profile.

KPK is seeking public-private partnerships for hydel generation, the discovery of oil, gas, and minerals, as well as energy transmission and distribution, he noted.

Investment in small dams in KPK can save the province from the losses of natural disasters.

Muzzammil happily shared that the forest area has reached 26% of the area. For the sake of exporting durable wood, scientific jungles need partnerships.

He also said that the tourism sector can bring prosperity to the province, citing the example of Sri Lanka, which earned $1 billion from tourism in one year. KPK seeks grants and investments in the tourism sector too.

"The economy of Pakistan needs the support of ADB, World Bank, and IMF," he said, conveying the message of Chief Minister KPK, Ali Amin Gandapur, to the conference.

KPK is ahead in organizing the Donors’ Conference in a short period compared to peer provinces, he noted.

A donors' conference is being held in Peshawar for the construction and development of the merged districts by the government of Khyber Pakhtunkhwa, in which various development partners of the government of Khyber Pakhtunkhwa are participating.

International participants include the World Bank, Asian Development Bank, European Union, Japan International Cooperation Agency (JICA), and the United Nations Development Programme (UNDP), among others.

Additionally, UNICEF, the United Nations High Commissioner for Refugees (UNHCR), and the United States Agency for International Development (USAID) are also involved.

The Donors Conference has focused on three areas in which knowledge-based tools, long-term and effective projects for merged districts and development packages for Dir and Chitral will be presented.

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Posted on: 2024-04-17T20:25:16+05:00