ECNEC meeting chaired by Ishaq Dar approves different projects for Azad Kashmir, GB & KP

ISLAMABAD, May 31 (SABAH): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC) on Wednesday.

Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, SAPM on Finance Tariq Bajwa, Senator Nisar Ahmed Khuhro, Federal Secretaries and other senior officers from Federal Ministries and Provincial departments participated in the meeting in the meeting.

The ECNEC considered and approved a project of Government of AJK to be executed by Power Development Organization, AJK for Establishment of 48MW Shounter Hydropower Project in Neelam Valley District, AJK at an updated cost of Rs. 14,985 million including FEC of Rs. 12, 736.90 million. The project is to be financed 85% from the Saudi Fund for Development (SFD) and 15 % of the cost will be met through AJK ADP.

The ECNEC also considered and approved in principle a project of Ministry of Kashmir Affairs and GB for the Establishment of Regional Grids in Gilgit-Baltistan Phase-I in Astore, Gilgit, Hunza, and Skardu Districts in GB at the revised cost of Rs. 17, 425.57 million with FEC of Rs. 1824.02 million subject to the reconsideration of bidding, construction and engineering estimates by the Planning Ministry.

The ECNEC also considered and approved another project of Government of Gilgit-Baltistan to be executed by W&P Department Gilgit-Baltistan of 26 MW Shagharthang Hydropower Project in District Skardu at the revised cost of Rs. 18,374.44 million including FEC of Rs.4461.03 million.

A project of Govt. of Khyber Pakhtunkhwa namely the Khyber Pakhtunkhwa Rural Accessibility Project (KP-RAP) in multiple districts of KP Province to be executed by Communications and Works Department, Government of KP was also considered and approved by the ECNEC at a cost of Rs. 69,400 million including Foreign Aid /loan of Rs. 67,200 million to be provided by the WB and local component to be funded by the Govt. of KP. The repayment of the loan will be the responsibility of the Govt. of KP. The project envisages the upgradation of the rural accessibility to markets, education and health facilities through the rehabilitation of the rural road network of 768.4 kms in length. 

The ECNEC noted the progress report submitted by the planning Commission on meetings held with Govt of Punjab and Sindh on the Greater Thal Canal Project (Phase-II) in Layyah, Bhakkar, Khushab Districts.

Meanwhile a delegation from Sialkot Chamber of Commerce & Industry held a meeting with Finance Minister Senator Mohammad Ishaq Dar and Defence Minister Khawaja Mohammad Asif on Budget 2023-24 proposals at FBR (Hqrs) on Wednesday.

SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousif Tola, Chairman FBR, and senior officers from Finance Division and FBR attended the meeting.

The delegation thanked the Finance Minister for inviting the budgetary proposals from Sialkot Chamber of Commerce & Industry. They diacussed the current economic condition of the country with the Finance Minister and informed him about the range of issues being faced by them. To this end, they presented suggestions to those issues in the form of budgetary proposals to the Finance Minister to be considered in the upcoming Federal Budget. They also guaranteed the Finance Minister of their continuous assistance to the Government to improve the situation of economic and business activities in Pakistan.

Finance Minister Senator Mohammad Ishaq Dar appreciated the budgetary proposals of the delegation and expressed the resolve of the government in overcoming the issues being faced by the business community to ensure economic growth of the country. He also assured the business leaders that Government will provide all possible assistance to the business community for the economic stability and growth by bringing forward a business and people friendly budget for Fiscal Year 2023-24.

The delegation thanked the Finance Minister for considering their budget proposals.