16 projects worth Rs 97.9 billion approved

Islamabad: The Executive Committee of National Economic Council (Ecnec) on Monday approved 16 projects costing Rs 97.9 billion in various sectors of economy. The overall foreign exchange component (FEC) has been estimated at Rs 51.7 billion.

The approved projects include Karakoram Highway Upgradation worth Rs 30.9 billion for which China would provide Rs 25.268 billion. The project is of paramount significance for the construction of Bhasha dam, said Planning Commission Deputy Chairman Dr Muhammad Akram Sheikh.

'On behalf of the Planning Commission, I can say that we are on the construction of Basha and all other dams to be built by 2016 in accordance with announcement of President General Pervez Musharraf,' he said.

Ecnec meeting, held for the third time in two months, was presided over by Prime Minister Shaukat Aziz. This would be the last Ecnec meeting presided over by Shaukat Aziz, as the National Assembly, according to President Musharraf, would be dissolved on November 15.

The Prime Minister said that in the last eight years, Ecnec had held 27 meetings and approved 649 projects worth Rs 2.4 trillion. That was a record in Pakistan's history and an achievement in itself.

The projects approved by Ecnec in eight years covered all sectors of national economy including 403 projects worth Rs 1903 billion in infrastructure, and 207 costing Rs 466 billion in social and 39 projects worth Rs 72 billion in other sectors.

Briefing newsmen after the meeting, Dr Akram said that Ecnec also approved revision of the bidding and contract documents. This was on the initiative of Pakistan Engineering Council. He, however, gave no reason that forced the committee to change the documents.

According to him, Ecnec approved 11 new projects costing Rs 80.23 billion. The cost of five projects was revised. The cost of the revised projects has been increased from Rs 13.7 billion to 17.7 billion. Muzaffarabad City Development Project of Rs 21.35 billion has also been approved. The project has foreign assistance of 17.62 billion. Apart from this, the cost of Border Security Road Programme Phase I has been increased to Rs 1.15 billion from Rs 840 million.

Most of the 16 projects approved in the Ecnec meeting have got allocations in the overall PSDP 2007-08. The PSDP allocation for most of the projects in the current fiscal year is Rs 4.16 billion. In the earlier two meetings this year, Ecnec had approved 68 projects costing Rs 270.65 billion. Total number of projects so far is 84.

Overall, the Ecnec approved five projects worth Rs 42.55 billion in physical planning and housing sector and one project in energy with cost of Rs 760 million. Four projects worth Rs 17.37 billion pertained to Higher Education Commission (HEC).

Dr Akram said that advisory board comprising Dr Ataur Rahman, Dr Samar Mubarakmand and Dr Akhtar would give advice to the government in which discipline and technology Pakistan should have more graduates so that the shortage of skilled workforce could be overcome. Around 500 projects, or 40 to 50 percent projects initiated in the last years, have been completed. About 15 to 20 projects have cost overrun presently, he said.