Business

PTI govt recognises challenges to economy: Asad Umar

Minister for Planning Development & Special Initiatives asures businessmen of early completion of projects under PSDP

Our Correspondent January 17, 2020

Assures businessmen of early completion of projects under PSDP. PHOTO: EXPRESS

RAWALPINDI: Business community is a key player in the development of the country. It is our top priority to ensure early completion of projects under the Public Sector Development Projects (PSDP), said Minister for Planning, Development and Special Initiatives Asad Umar.

Speaking with a delegation of the Rawalpindi Chamber of Commerce and Industry (RCCI), Umar said that the government had spent a huge amount of Rs75 billion on development schemes in the month of December 2019 alone under the PSDP. In the previous six months this expenditure was around Rs97 billion, he added.

“Government does recognise challenges to the economy. We have come out of the bad phase and are now working on a strategy to reduce the cost of doing business and accelerate development plans,” the minister remarked.

He shared that there has been a detailed conversation with the prime minister regarding reducing interest rates, and hopefully in the coming months this shall start to come down.

Umar added that in the first phase of the China-Pakistan Economic Corridor (CPEC), the infrastructure and energy projects are either completed or near completion.

The second phase is the agricultural and other sectors. Under CPEC, the ML-I project, which is about $9 billion, will begin in the current financial year, he added. He said that the private sector can participate in CPEC projects under a public-private partnership.

Also speaking on the occasion, RCCI President Saboor Malik said that under CPEC, the chamber of commerce should be consulted in the Special Economic Zones (SEZ). He said that the government should recognise ground realities and consult stakeholders in economic policy-making.

Another official, present in the meeting, said that raids on shops and business centres should be stopped in the guise of checking, documenting and smuggling. Harassment affects business activities, he added.