ISLAMABAD: The Ministry of Economic Affairs has pointed out that 43% of about $35 billion worth of foreign-funded projects either not progressing as per plans or unable to deliver.
The MEA disclosed that at a review meeting of the National Coordination Committee on foreign-funded projects. The ministry reported that it was managing an ongoing portfolio of $34.8bn such projects of various sectors of the economy out of which $15bn or 43% projects are considered as problematic.
On top of that, the meeting was informed that the “share of federal energy projects is about $3.3bn, of which $2.3bn (or almost 70pc) is rated as problematic”, MEA said in a statement issued on June 24.
Minister for Economic Affairs Sardar Ayaz Sadiq presided over the meeting in which relevant ministers and representatives of provincial governments, besides the heads of implementing agencies participated.
The minister deplored the prevailing situation of energy sector projects given their importance and impact on overall economy and the public at large. He said energy was arguably one of the most important inputs for economic growth to sustain industrial and commercial activities, but it was emerging as a challenge.
The minister stressed the need for addressing the issue of problematic projects on an urgent basis, especially those facing chronic delays so as to pace up disbursements and progress.
The meeting decided to set milestones and deliverables with timelines by the focal ministries and implementing agencies for better monitoring and preventing time and cost overruns.
Economic Affairs Secretary Mian Asad Hayauddin proposed regular follow-up monthly meetings by the focal ministries with executing agencies and stakeholders for due monitoring and prompt resolution of issues.
