ISLAMABAD – The government of Pakistan has planned to introduce a threeyear Public Sector Development Plus Program (PSDP+) in the country toincrease economic growth and create greater job opportunities for theyouth, reported a local media house.link
According to the report, the plan involves 53 megaprojects with Rs. 5.2trillion investment. This plan will be implemented in three years betweenFY 2020-23. The plan was approved by Prime Minister Imran Khan on November27.
As part of the PSDP Plus, different development projects will be undertakenand completed across the country with the cooperation of the private sector.
The government has introduced PSDP plus to enhance development spendingwith an aim to achieve a sustainable GDP growth rate of 6.7 percent at theend of the program from the current fiscal year projected growth rate of3.3 percent.
The PSDP plus projects will be implemented throughout Pakistan and aredivided into two broad categories. At the start, there are 29 projects in11 sectors with zero government investment that are expected to injectdirect investment of Rs. 2.9 trillion into the economy.
PSDP Plus is an important part of public sector investment which channelsdomestic and foreign resources to implement the development programs andprojects prepared by the federal, provincial and local agencies.
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Due to various reasons, the program’s expenses have remained far below therequired level to ensure sustained upward economic growth. This was due tomajor reasons which included financial mismanagement in the past. Now, theplan has been designed to achieve targets keeping in view the resourceconstraints and importance of the private sector as a driver of economicgrowth.
The government, through public sector investment, will also provide anenabling environment to crowding in the private sector, fosteringpublic-private partnerships and joint ventures to reduce the burden on thePSDP.
The government wants to facilitate the business community in every possiblemanner as there is a huge potential for the private sector to capitalize onthe existing opportunities.
