Govt allocating resources for socioeconomic uplift of deprived areas

ISLAMABAD, Nov 1 (APP):Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar Friday said despite budget constraints, the incumbent government is allocating additional resources for socioeconomic uplift of deprived areas through regional equalization programme.

The federal minister was talking to a visiting IMF Mission Chief Ernesto Ramirez Rigo who along with a delegation called on him, a press release said.

He said focus is being paid on enhancing productivity by investing more in knowledge economy, education, water resources and correcting transmission lags.

Planning Commission Deputy Chairman Mohammad Jehanzeb Khan, Secretary Zafar Hasan and other senior officials of the Ministry were also present in the meeting.

The minister thanked IMF for reinforcing need for higher public sector development spending in providing stimulus to the economic growth.

He highlighted contours of development budget and mentioned that focus of the development outlay is early completion of on-going projects.

He said the government is under obligation under Water Policy to allocate 10% of resources under PSDP for water sector for enhancing water storage capacity.

The government is trying to leverage private sector resources to complement development needs of the country, he added.

He highlighted the government’s efforts to create more value through SEZs, better social sector outcome through investment in key social sectors and an effective social protection programme.

The IMF Mission Chief Ernesto Ramirez Rigo expressed his optimism over Pakistan economy’s future prospects by highlighting early signs of recovery as more machinery is being imported which in itself reflects greater confidence in investment prospects in the country.

He also highlighted the increase in exports in quantum terms.