ISLAMABAD, Sep 18 (APP): The National Assembly Standing Committee on Economic Affairs Division highlighted the necessity of devising a strategic approach for foreign-funded projects to streamline execution and address the underlying factors causing delays.
The meeting of the Standing Committee on Economic Affairs Division convened on Wednesday at the Parliament House, chaired by Muhammad Atif (MNA), to receive an in-depth briefing from the Ministry of Economic Affairs Division (EAD) on multilateral projects and the analysis of local currency components related to foreign currency transactions.
During the session, the EAD outlined several factors contributing to delays in project execution.
The key procedural challenges were identified, including the lengthy processes involved in the preparation and approval of Project Concept-1 (PC-I) documents, necessary revisions leading to time and cost overruns, delays in establishing designated project accounts, and a general lack of understanding regarding the requirements of development partners.
It was suggested that the timely establishment of Project Management Units (PMUs) and the appointment of dedicated project directors could effectively mitigate human resource-related delays.
Committee members stressed the importance of incorporating land acquisition, local concerns, and security issues into the project policy frameworks at both provincial and federal levels.
The committee reached a consensus to seek a detailed briefing from the Secretary of Planning on project policies, aiming to formulate recommendations that address the challenges associated with project execution delays. It was emphasized that projects of national significance should not be hindered by routine procedural issues and that reforms are needed to facilitate their timely progress for best interest of the nation.
The EAD reaffirmed its commitment to enhance coordination with both provincial and federal governments, which is crucial for expediting the execution of multilateral and other projects.
The committee proposed conducting separate briefings for each multilateral project by inviting the respective executing agencies to discuss project status, existing issues, and make recommendations for accelerating implementation.
Currently, the EAD is overseeing 18 multilateral projects with the Asian Development Bank (ADB), 21 with the World Bank (WB), 3 with the Islamic Development Bank (IsDB), 1 with the OPEC Fund, 2 with the Asian Infrastructure Investment Bank (AIIB), and 1 with the International Fund for Agricultural Development (IFAD). These projects span various sectors,
including energy, transport, agriculture, public sector management, finance, and health.
The following members of the Committee attended the meeting that includes,Muhammad Atif (MNA), Muhammad Jawed Hanif Khan (MNA), Dr. Mirza Ikhtiar Baig (MNA), Bilal Azhar Kayani (MNA), Ammar Ahmad Khan Leghari (MNA), Ms. Akhtar Bibi (MNA), Sher Ali Arbab (MNA), Ali Afzal Sahi (Online), Secretary Economic Affairs and officials from Ministry of Economic Affairs Division.
