ISLAMABAD: The Special Investment Facilitation Council (SIFC) will only finance extremely important development projects in the provinces.
The caretaker government is contributing 50 per cent to each project, while provinces will share the remaining amount.
Sources said the Planning Ministry has identified all the Public Sector Development Programmes (PSDP) listed projects and will be present the list before the Cabinet Committee on Economic Revival (CCER) for removing all such schemes.
The removal of all those provincial schemes under the PSDP are expected to save Rs314 billion under the austerity drive launched by the caretaker government.
The SIFC’s Apex Committee, in its last meeting, decided that development projects of provincial nature would only be executed in the future through equal cost-sharing of funds.
Apex Committee of SIFC reviews major macro-economic issues
The apex committee of Special Investment Facilitation Council (SIFC) on Wednesday reviewed major macro-economic issues affecting the investment climate including inordinate delays in restructuring/ privatisation of cash bleeding state owned enterprises (SOEs).
The committee also resolved with consensus on fast-tracking the privatisation process and hence, in the larger interest of the country, reduce recurring losses to the national exchequer.
The SIFC convened 6th meeting of its apex committee to review various initiatives being spearheaded through the SIFC forum.
The meeting was chaired by Caretaker Prime Minister Anwaar-ul-Haq Kakar and was attended by Chief of Army Staff General Syed Asim Munir, members of the cabinet, caretaker provincial chief ministers and the high level government officials, PM Office Media Wing said in a press release.
The ministries apprised the forum about the practical steps undertaken during the last one month to improve business and investment environment in the country.
The committee expressed overall satisfaction regarding the ongoing negotiations with foreign and domestic investors for timely realisation of various investment prospects.
The prime minister appreciated the good work put forth by various ministries and departments and directed to continue with the ‘Whole of the Government’ approach to overcome economic challenges being faced by Pakistan.
The chief of army staff assured unflinching resolve of Pakistan army to support the government’s endeavours for a sustainable path towards economic recovery.
