Pakistan Economy: Outlook for FY 2017
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ISLAMABAD, June 13 (APP): Pakistan Economy: Outlook for FY 2017
The major achievements of the outgoing fiscal year which were realized through pragmatic policies of the government were economic growth, price stability, improvement in tax collection and reduction in fiscal deficit, said a political analyst here on Monday.
Besides it was during this period when worker remittances touched new heights and foreign exchange reserves achieved an unprecedented figure, an analyst Fazal Hakim told APP while commenting on achievements of the present government during the previous fiscal year.
He said Government has allocated Rs 1,675 billion for Public Sector Development Program (PSDP) with 10% increase in the budget 2016 17 against Rs 1,154 billion last year with a pledge to consume over 96% of total allocation in the development projects.
The federal component in PSDP for coming year is calculated Rs 800 billion, It comprises Rs. 143 billion foreign aid component as well. Out of total earmarked funds the Ministry of Planning, Development and Reform will administer Rs.655 billion.
While the provincial Annual Development Plan (ADP) is fixed at Rs.875 billion with Rs. 86 billion as foreign components.
Fazal Hakim said Rs 157 billion has been proposed for power sector, Rs. 260 billion for the transport and communication sector, Rs. 32 billion for the water sector, Rs. 18 billion for physical planning and housing sector, Rs. 29 billion for education including tertiary education, Rs. 20 billion for Sustainable Development Goals and Rs.11 billion for other social sector projects. It is important to note that separate funds for the laptop project and Afghan scholarships scheme will be provided outside the PSDP allocation, he added.
While commenting on GDP growth rate, he said GDP is set 5.7% during next year, Planning Commission, the producer of Annual Development document has warned the risks of weather fluctuation and interruption in reforms Analyst said. PSDP has been instrumental in developing infrastructure, connectivity and social uplift in the country and Rs 22 billion for China Pakistan Economic Corridor (CPEC) shows the determination of the government to make Pakistan prosperous and strong global development index.
