Caretaker Prime Minister Anwaarul Haq Kakar has summoned a meeting of the National Economic Council on January 29, 2024, where a comprehensive 5-year plan is expected to be presented a little over a week before the February 8 general elections, reliable sources informed ProPakistani.
Sources said the meeting will review the potential banning of 76 underperforming projects under the Public Sector Development Program (PSDP), collectively valued at Rs. 121 billion, and banning such initiatives in the future due to their zero performance. This move is seen as a strategic measure to optimize resources.
Also, proposals to reduce expenditures by Rs. 29 billion on parliamentarians’ schemes will be discussed for approval during the meeting. These proposed cuts will likely attract scrutiny as part of the government’s broader efforts to streamline spending and allocate resources more efficiently, sources added.
The caretaker federal government in November 2023 first decided to drop 137 non-starter projects with zero financial progress from PSDP to save an allocation of Rs. 116 billion and free more cash for priority cases. ProPakistani was informed that the caretaker government at the time had also decided to not release further amounts under parliamentarians’ Sustainable Development Goals (SDGs) to save balance allocation of Rs. 29 billion.
It bears mentioning that President Arif Alvi in September 2023 approved the reconstitution of the National Economic Council – a constitutional entity responsible for evaluating the country’s economy and devising strategies to promote equitable development.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.