ISLAMABAD: The National Coordination Committee on Foreign-Funded Projects (NCC-FFP) Wednesday directed the ministries and departments concerned to execute projects timely and in an efficient manner.
Federal Minister for Economic Affairs Makhdoom Khusro Bakhtyar chaired the meeting of the NCC-FFP on education, finance, revenue, and communication sectors.
Dr Waqar Masood Khan, SAPM on Revenue, and Mohammad Yaqoob Sheikh, Parliamentary Secretary Economic Affairs also joined the meeting. Country Director World Bank Najy Benhassine joined the meeting virtually. Noor Ahmed, Secretary Economic Affairs Division, senior officials of line ministries, representatives of the PM’s Office, Finance Division, and head of the line departments also attended the meeting.
The NCC-FFP reviewed the compliance status of forum’s decisions made in light of previous meetings held on each sector. It was informed that five projects amounting to $1.3 billion in finance and revenue sector, 13 projects worth $6 billion in communications sector and one project of education worth $19.85 million with the support of development partners including Asian Development Bank and the World Bank are under implementation.
Sources revealed that the meeting was informed that against the total portfolio of $1.3 billion for finance and revenue sector $0.6 billion were disbursed i.e. 46 percent, while $0.7 billion remained un-disbursed. Regarding the problematic portfolio, the meeting was informed that there are four projects amounting $1.2 billion, ie, 92 percent, where $0.5 billion were disbursed and $0.7 billion remain un-disbursed. These problematic projects included Public Finance Management and Accountability, Pakistan Raises Revenue Programme, CAREC Regional Improving Border Services Project (Wagah, Torkham, Chaman) – FBR and Pakistan Financial Inclusion and Infrastructure.
The committee had earlier decided that the Finance Division, after consultation with implementing partners, to set completion timelines of due DLRs for current and previous years, and share the same with EAD within one week to ensure targeted/budgeted disbursements.
The meeting was informed that as of March 31, 2021, the Finance Division had two meetings with the World Bank and broadly agreed with restructuring of DLRs for disbursement of $90m during the current fiscal year.
The minister lauded the efforts of line departments and ministries for smooth implementation of foreign-funded projects in these sectors.
He further highlighted that the government is focusing on reforms in revenue and communication sector.
The minister also directed the line departments to convey defined DLIs and DLRs along with timelines for expediting the implementation of projects.
He said that projects related to public sector must be executed in timely and efficient manner.
Copyright Business Recorder, 2021