31 projects costing Rs 82.6b approved
By Asad Cheema

ISLAMABAD—The Executive Committee of the National Economic Council (ECNEC) here on Thursday approved 31 projects costing Rs. 82.6 billion. This was announced by Deputy Chairman Planning Commission, Dr. Muhammad Akram Sheikh at a press conference after the conclusion of ECNEC meeting chaired by Prime Minister Shaukat Aziz here today.
Dr.Sheikh said the project cost included Rs. 20 billion of foreign component. He said the ECNEC meeting, also expressed satisfaction over the economic growth and pace of development in the country. He said the high growth was witnessed in all sectors of economy during the first quarter of the current financial year due to prudent policies initiated by the government.
The Deputy Chairman said that the sound macro-economic policies have created good impact on the development of various sectors including Agriculture and industry which helped in upgrading Pakistan’s credit rating by Moody by one notch. The growth momentum that Pakistan sustained has been underpinned by dynamism in industry, agriculture and services, and the emergence of a new investment cycle supported by strong credit growth, he added. Dr. Akram Sheikh said the share of industrial and manufacturing sector towards overall GDP has increased from 18.2% in 2001-2002 to 26% in 2005-06 and 15.5% in 2001-02 to 18.2% in 2005-06 respectively. He said ECNEC approved 24 new projects costing of Rs. 57.1 billion and revised 7 on-going projects with revision of their cost from Rs. 16.1 billion to Rs. 25.5 billion.
Dr. Akram Sheikh said the projects approved today belonged to different sectors including 15-Infrastructure worth Rs.58.9 billion, 12-Social sector projects costing Rs.17.1 billion and 4 other sectors worth Rs.6.6 billion. He said 5-projects involving cost of Rs. 5.3 billion will be completed in Punjab province, 4-projects costing Rs. 19.0 billion will be carried out in Sindh, 6-projects costing Rs.11.02 billion in NWFP, 7-projects Rs. 20 billion in Balochistan, one-project costing Rs. 2.4 billion in Azad Jammu and Kashmir while 8-other projects costing Rs.24.4 billion on federal basis. The federal government, he said will provide Rs. 59.0 billion whereas provincial governments will spend Rs. 9.2 billion and Rs.14.4 billion will be spend on self-finance basis by WAPDA, he remarked. The Deputy Chairman Planning Commission said government is encouraging self-finance policy to accelerate the pace of economic activities in the country.
The energy sector demand 10 percent increase in power supply to meet the growing need of the power consumption by various sectors in the country, he said. He further said a textile city is being set up in Karachi to meet the needs of the country in the sector.
The poject included Providing & laying dedicated 48 inch Diameter Mild Steel Water Main for Pakistan Textile City in Karachi with cost of Rs. 636.585 million in infrastructure sector addition of 4th 3x150 MVA, 500 KV/220 KV Auto Transformer Bank at 500 KV Gatti Gri Station will constructed with total cost of Rs. 854 million, he added.