Planning Minister Ahsan Iqbal on Monday said the government will focus on key development projects in the national interest due to limited funds, adding provincial-level projects should be funded by provinces themselves.
Addressing media after chairing a meeting of the Annual Plan Coordination Committee (APCC), he said over 118 different projects worth Rs. 1,000 billion were shelved due to lack of resources. “Today, [we] have to make difficult decisions about limiting the ongoing projects,” he said, noting it was difficult to accommodate projects from all ministries within the available budget. “Now, we have to make decisions in the national interest,” Iqbal added.
“Provinces have far more resources than the federation,” he said, emphasizing they should fund their own project. Everyone must play their part in national development, he stressed.
Previewing the upcoming budget, the minister said its target was set at Rs. 129 trillion. “This year’s development budget has been set at Rs. 1,000 billion,” he said.
According to Iqbal, Rs. 150 billion has been allocated for the social sector and Rs. 70 billion for the erstwhile tribal areas. “GDP growth target for the next fiscal year was set at 4.2%,” he said, adding the government hoped to achieve an export target of $35 billion.
During the APCC meeting, the minister stressed that the government would prioritize projects of strategic importance, as envisioned under the Uraan Pakistan program, in the next Public Sector Development Program. Listing some of these projects, he cited the Diamer Bhasha Dam, Sukkur-Hyderabad motorway project, N-25 in Balochistan and Karakoram Highway phase two.
Iqbal emphasized the need to expand synergy between the development projects of the center and the provinces for the early completion of national priority projects.
Finance Minister Muhammad Aurangzeb is scheduled to present the budget for fiscal year 2025-26 in the National Assembly on June 10.