M Zaeem Saqib
The Government of Pakistan is working diligently to accelerate public sector development, recognizing its pivotal role in elevating living standards and fostering socio-economic growth. Through rigorous monitoring and strategic planning, the government has established a robust framework to ensure effective allocation of resources and efficient project execution.
To reinforce its commitment, the government has formed a Committee Planning Development & Special Initiatives, tasked with overseeing project implementation and progress. This dedicated committee ensures that development projects align with national priorities and objectives, maximizing their impact on the economy and society.
The Public Sector Development Programme (PSDP) is a cornerstone of Pakistan’s development strategy, driving growth and improvement in various economic and social sectors. By allocating resources to feasible projects and programs, PSDP generates a multiplier effect, stimulating expansion across multiple sectors. Additionally, it encourages private sector participation by creating a favorable investment environment.
Pakistan offers substantial investment opportunities across diverse sectors. However, fiscal constraints limit the government’s ability to fully meet these demands, emphasizing the need for efficient resource allocation. To address this challenge, the Annual Plan Coordination Committee (APCC) reviewed project-wise demands within the provisional Indicative Budget Ceiling (IBC) of Rs. 1221 billion on May 31, 2024.
The provinces have projected their Annual Development Programs (ADPs) at Rs. 2,095.4 billion, while investment by major State-Owned Enterprises (SOEs) is projected at Rs. 196.9 billion. This brings the total public investment to Rs. 3,792.3 billion for FY 2024-25.
Recognizing the country’s development needs, the Finance Division has provided additional fiscal space by increasing the IBC to Rs. 1500 billion, including Rs. 100 billion targeted for PPP mode projects under PSDP 2024-25. This expansion, approved by the National Economic Council (NEC) on June 10, 2024, demonstrates the government’s unwavering commitment to economic growth and development.
The PSDP 2024-25 focuses on strategic sectors, including exports, IT and digital infrastructure, agroindustry and seed sector, blue economy, science and technology, and innovation-driven enterprises. By prioritizing these areas, the government aims to unlock Pakistan’s full potential and ensure a brighter future for its citizens.
The Government of Pakistan’s efforts to accelerate public sector development are commendable. Through strict monitoring, strategic planning, and efficient resource allocation, the government is committed to driving socio-economic growth and improving living standards. The PSDP 2024-25 is a testament to this commitment, and its successful implementation will be crucial in achieving Pakistan’s development goals.
