Latest news with #AnnualDevelopmentPlan
Business Recorder
16 hours ago
- Business
- Business Recorder
Development projects across federal, provincial levels: NEC makes over Rs4 trillion FY26 allocation
ISLAMABAD: National Economic Council (NEC) on Wednesday approved the Annual Development Plan and the National Development Budget for the fiscal year 2025-2026, allocating a total of Rs4.224 trillion for development projects across federal and provincial levels. The NEC meeting, chaired by Prime Minister Shehbaz Sharif, sanctioned Rs1 trillion for federal projects and Rs2.869 trillion for provincial development schemes. During the meeting, the officials presented revised economic indicators for fiscal year 2024-2025, forecasting annual spending of Rs3.483 trillion on the national development programme, with Rs1.1 trillion allocated to the federal government and Rs2.383 trillion to provinces. The council approved a Gross National Product (GNP) growth rate of 2.7 per cent for 2024-2025 and projected a 4.2 per cent increase for the next fiscal year. From July 2024 to April 2025, remittances rose by 30.9 per cent, and Pakistan's current account balance was positive for the first time, according to the briefing. The fiscal deficit narrowed to 2.6 per cent of GNP in 2024-2025, while the primary balance increased to 3 per cent of GNP. The policy rate was gradually reduced to 11 percent and loans to the private sector for development rose to Rs681 billion from July 2024 to May 2025. The GNP size for 2024-2025 is estimated at Rs114 trillion. The NEC also approved the macroeconomic framework and targets for 2025-2026 and directed ministries, provinces, and government agencies to collaborate with the Planning and Development Ministry to achieve the development plan's goals, prioritising health, education, infrastructure, water, and housing sectors. A report on the Central Development Working Party (CDWP)'s progress from April 2024 to March 2025 was presented, along with details of projects approved by CDWP and the Executive Committee of the National Economic Council (ECNEC) during that period. The council approved the 13th Five-Year Plan (2024-2029) and the Uraan Pakistan framework, noting their alignment. A third-party monitoring report on the Annual National Development Programme projects was reviewed, and future planning will incorporate its recommendations. Prime Minister Sharif congratulated participants on Pakistan's victory in the May 10 'Bunyanum Marsoos,' attributing the success to the Armed Forces' professionalism and bravery. He condemned India's recent hostile narrative, describing it as a threat to regional peace and security. 'The people of Pakistan are fully united against India for the protection of national integrity,' Sharif said, rejecting India's threats to Pakistan's water resources as unacceptable. He vowed to defend these resources following the 'Bunyanum Marsoos.' In a special meeting with the four provincial chief ministers, PM Sharif emphasised joint efforts between the federation and provinces to develop a strategy to protect water resources amid Indian aggression. The prime minister highlighted the role of recent federal-provincial cooperation in achieving economic stability and called attention to agriculture as key to boosting foreign exchange earnings and growth. Strategies are being developed to gradually increase agricultural production. The NEC, unanimously, approved its six-point agenda. PM Sharif thanked members for consensus on national matters, describing it as essential for Pakistan's future. The meeting included Deputy Prime Minister and Foreign Minister Ishaq Dar, Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, Information Minister Attaullah Tarar, Prime Minister's Adviser Rana Sanaullah, and the four chief ministers – Maryam Nawaz (Punjab), Syed Murad Ali Shah (Sindh), Ali Amin Gandapur (Khyber-Pakhtunkhwa), and Nawab Sarfraz Bugti (Balochistan). Copyright Business Recorder, 2025
Express Tribune
6 days ago
- Business
- Express Tribune
Development budget for next fiscal to exceed Rs1tr
The federal government planned to allocate more that Rs1 trillion in the next year's budget for various development projects, including hundreds of billions of rupees for road infrastructure and water and power projects, and sizeable funds for the promotion of higher education. According to sources, a meeting of the Annual Plan Coordination Committee (APCC) has been convened on June 2 to finalise the Public Sector Development Programme (PSDP) and the Annual Development Plan (ADP) for fiscal year 2025-26. The plans will be forwarded to the National Economic Council (NEC) — to be chaired by the prime minister — for their approval this week. After the NEC approval the development schemes will be made part of the federal budget 2025-26 due to be unveiled on June 10. The total outlay of the development budget is expected to be more than Rs1 trillion, according to the sources. Under the proposed PSDP, they said that Rs170 billion allocation has been proposed for road construction, Rs140 billion for water projects, and Rs105 billion for the Power Division.
Express Tribune
25-05-2025
- Business
- Express Tribune
RDA scam sparks NAB probe
An alleged embezzlement scandal involving Rs1.94 billion in the Rawalpindi Development Authority (RDA) has raised serious questions about negligence and misconduct by top officials over the past nine years. According to sources, the scandal reportedly implicates former and current director generals and directors of administration and finance, all of whom had signatory authority over the RDA's financial affairs. The matter has now been transferred to the National Accountability Bureau (NAB) via the Punjab Anti-Corruption Establishment for further investigation. According to sources, over the last nine years, payments amounting to nearly Rs1.94 billion were made from RDA's bank accounts to fictitious companies posing as registered vendors. These transactions were conducted through Call Deposit Receipts (CDRs), with around 21 transactions linked to eight companies and thirteen individuals. Standard operating procedures (SOPs) for financial dealings within the RDA were reportedly ignored, and the signatory authority granted to the director general and director admin & finance was misused. Meanwhile, the responsible authorities failed to monitor bank account activity or audit financial records held both in RDA offices and in the respective banks. Following the revelation, NAB has started collecting relevant documents from the RDA and corresponding banks. Letters have also been sent to the private banks involved, requesting transactional records. This has created a troubling situation for all individuals who held the roles of director general or director admin & finance during the past nine yearswhether in service or retired. Questions are being raised as to why they failed to oversee the issuance of CDRs, track their reference letters, and review how funds were funnelled to various companies and individuals. According to sources, investigations aim to identify the public officials, fake companies, and individuals involved in the scam, with the ultimate goal of recovering the embezzled public funds. Legal action is expected against those who received payments either as company representatives or in a personal capacity. On the other hand, the RDA has prepared a proposed Annual Development Plan (ADP) for the fiscal year 2025-26. The plan, which awaits final approval from the Punjab government, includes major infrastructure initiatives under the "Urban Development Package" and "City Development Package." The proposed projects consist of three underpasses, one flyover, a multi-storey parking plaza, and several road infrastructure schemes. Each development initiative has been recommended by the respective members of the national and provincial assemblies.
Express Tribune
24-05-2025
- Business
- Express Tribune
Pindi prepares uplift plan for FY26
The Rawalpindi Development Authority (RDA) has prepared a proposed Annual Development Plan (ADP) for the fiscal year 202526. The plan, which awaits final approval from the Punjab government, includes major infrastructure initiatives under the "Urban Development Package" and "City Development Package." The proposed projects consist of three underpasses, one flyover, a multi-storey parking plaza, and several road infrastructure schemes. Each development initiative has been recommended by the respective members of the national and provincial assemblies. The proposed ADP includes feasibility studies for an underpass at Chandni Chowk, another at Rawal Road on Murree Road, and a third at Marrir Chowk. A flyover is also proposed from Siddiqui Chowk to IJP Road. Under the Urban Development Package, the dualisation of Adiala Road from Khasala Khurd to Gorakhpur is estimated to cost Rs2.539 billion. Expansion and improvement of the 8.5-kilometre stretch from Girja Road (Thalian Interchange) to Akbar Chowk will cost Rs603.32 million. Development on Adiala Road, including the Chakri Link from School Road to Biscuit Factory Chowk and Talsa Road, is projected at Rs1,297.660 million. Meanwhile, the upgrade of High Court Road from Bostan Khan Road to Car Chowk, Bilal Shaheed Chowk, and Scheme-3 Road will require Rs423.241 million. Under the City Development Package, a multi-storey parking plaza will be constructed at Liaquat Bagh on the WASA Buzzer Site at a cost of Rs2,532.500 million. An underpass at Stadium Road, linking Nanth Avenue to IJP Road, is projected to cost Rs770.320 million. Restoration and improvement of the western alternative route from Chandni Chowk to Holy Family Hospital via IJP Road will require Rs335.04 million. Upgrades on Murree Road from Hotel Flashman to Faizabad are budgeted at Rs953.250 million. Improvement works on Dhoke Khabba, Hameed Khan Road, Rawal Road, Millat Colony, and Sher Power Colony Link Road are estimated to cost Rs998 million. Construction on Pirwadhai Road from Chungi No 4 to Adda Pirwadhai will require Rs247.266 million. Rehabilitation of Khayaban-e-Sir Syed Road from Chungi No 4 to IJP Road is projected at Rs256.689 million. Service road development from Old Airport to Flying Club Road through Gulzar-e-Quaid will cost Rs224.227 million. Roadwork from Rawal Road and Murree Road to Old Airport Road is expected to cost Rs584.952 million. Internal road development in Ghazni Colony, Dosera Ground, and Syedpur Scheme is budgeted at Rs247.266 million. Additionally, a pedestrian bridge will be constructed in front of Benazir Bhutto General Hospital on Murree Road, with an estimated cost of Rs66.434 million.
Express Tribune
22-02-2025
- Business
- Express Tribune
CM eyes Punjab as tourist hub
Punjab Chief Minister Maryam Nawaz Sharif has announced the launch of a tourism project, "Magnificent Punjab," aimed at transforming the province into a regional and international hub for history, culture, and tourism. As part of the initiative, 170 historical sites, including 101 gurdwaras and 53 churches, will be developed into world-class tourist destinations. The mapping of these sites has already been completed. The project has been in the works for five months under the leadership of Senior Minister Marriyum Aurangzeb, who approved key proposals. The Punjab Tourism and Heritage Authority is set to be established to oversee all tourism and heritage-related institutions. A new tourism policy and the Punjab Tourism and Heritage Authority Act 2024 have also been prepared to ensure structured development. CM Maryam Nawaz has allocated funds in the Annual Development Plan for the restoration of Punjab's heritage sites in three phases, with work starting in July. The first phase is expected to be completed by June, while the second and third phases will follow. Immediate PC-I approval has been directed for 16 tourism projects, including Bansara Gali, Tourist Village, and various parks. Among the major initiatives, Taxila will be developed into an international "tourist city", while Chhanga Manga will be transformed into a modern entertainment center modeled after Switzerland. The Taxila Museum will be upgraded with modern display centres, a Siddhartha Gallery, and new places of worship for Buddhist visitors. 46 inactive gurdwaras will also be restored to attract Sikh pilgrims. CM Maryam Nawaz emphasized the protection of minority religious sites and the upgradation of infrastructure to provide world-class facilities for tourists. The Dilkush Lahore project has been allocated Rs400 million to preserve Mall Road's historical significance. For the first time, Punjab has been divided into nine tourist regions under the "Tourist Trails" initiative, covering key historical and cultural sites. A safari train will run along these trails, and tourists will receive special discounts through partnerships with the private sector. The 17th-century Hiran Minar is also set for restoration, and the Blue Dome will be expanded. Around Rs240 million has been approved to modernize the 131-year-old Lahore Museum. With UNESCO's support, Punjab's 1,000-year history will be preserved using digital storytelling. Tourists will experience Punjab's culture, folk tales, music, art and Sufi heritage through interactive technology. A digital tourism app has also been developed to provide travel information and services directly to visitors. CM Maryam Nawaz emphasised that promoting tourism will boost Punjab's economy and enhance Pakistan's global image. "Nations that forget their history, culture, and heroes disappear. We are bringing Punjab's rich heritage to the world," she stated. She also praised Senior Minister Marriyum Aurangzeb and her team for their dedication, expressing confidence in the successful execution of the project.
