NEC likely to meet Saturday to approve PSDP 2011-12

ISLAMABAD, May 27 (APP) – The National Economic Council (NEC) is scheduled to meet here on May 28 (Saturday) to give final approval to Rs. 710 billion including foreign aid component of Rs.38.44 billion for the next financial year 2011-12 recommended by the Annual Plan Coordination Committee (APCC).The NEC which is likely to preside over by Prime Minister Syed Yusuf Raza Gilani would also review the performance of national economy in the outgoing financial year 2010-11 and approve the development budget for the next financial year 2011-12, official sources said.It may be mentioned here that APCC on May 13, 2011 recommended a development budget of Rs. 710 billion including foreign aid component of Rs.38.44 billion for the next financial year 2011-12 to National Economic Council (NEC) for final approval and its subsequent announcement in the budget.
Federal Minister for Finance Dr Abdul Hafeez Shaikh and Deputy Chairman Planing Commission, Dr Nadeem Ul Haq co-chaired the meeting which recommended 743 developmental projects in various sectors.
Out of the total development budget the federal government share would be Rs. 280 billion including Rs. 10 billion for ERRA while the provincial share in the development budget would be Rs. 430 billion.
The committee has recommended Rs. 148 billion for infrastructure development projects, Rs. 118 billion for social sector development and Rs. 14 billion for other projects in the country.
The APCC in its meeting has also recommended total 743 developmental projects in different sectors including water and power, health,education and other infrastructure development projects in the country.
The APCC has recommended that despite starting new development projects in the country the work on ongoing projects should be completed besides slashing the projects which has even completed by 30 percent.
It has also recommended that the work on projects which were completed about 80-90 percent would be speed up for their swift completion.
The cut on the 30 percent completed projects would help to save Rs. 70 billion which would be shifted to the projects which were near to completion.
The APCC has also recommended Rs. 18 billion for Dimer-Bash Dam project, Rs. 11 billion for Nelum Jehlum Hydro Project.
The government is also likely to announce the Federal Budget 2011-12  on June 3 – APP