The government is likely to approve Rs 202 billion Public Sector Development Programme (PSDP) for 2004-05. The figure has been presented to Prime Minister Mir Zafarullah Jamali in a meeting on Monday, sources told Business Recorder.
Finance Minister Shaukat Aziz made the presentation, with Deputy Chairman Planning Commission Akram Sheikh suggesting that NEC should be held quarterly than biannually.
Allocation on water and power projects in PSDP would be Rs 53 billion. However, for the 2003-04 out of Rs 160 billion PSDP spending would finally touch 94 percent.
The spending before June would be much lesser than 94 percent but to avoid quick and injudicious spending the Premier has allowed spending of this money in next two months.
For fiscal year 2004-05, proposed GDP growth rate would be between 6.6-6.7 percent. For fiscal year 2003-04 GDP growth rate would likely to reach at 6.4 percent. Budget deficit would be 4 percent of the GDP for both outgoing and coming years.
For attaining higher growth and exports, the Deputy Chairman Planning Commission Akram Sheikh during a pre-budget seminar organised by a local English newspaper said that a 10-year plan for promoting higher technology exports is being drawn. Currently the exports are 80-85 percent of low technology based items.
This plan would target exports equal to Malaysia, which are currently $100 billion.
He also said that growth on macro level has been achieved but on the micro level it has not yet trickled down.
The NEC would review all the existing projects and would take the demands of the provinces. The Water and Power Ministry has also suggested to allocate Rs 8.5 billion for small dams in the provinces.
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