Govt releases Rs257 bn for development projects

Ahmad Jawad said pharmaceutical exports rose by 12.3 percent during the first quarter of current fiscal year.

ISLAMABAD: The government has released 257 billion billion rupees for development projects under the Public Sector Development Programme (PSDP) 2019-20.

Pakistan Tehreek e Insaf (PTI) Spokesperson Ahmad Jawad on Tuesday said additional 30 billion rupees had been earmarked by the government for Naya Pakistan Housing Scheme.

He said Punjab Chief Minister Usman Buzdar had given approval for the establishment of Thal University in Bhakkar.

The spokesperson said the foreign exchange reserves of the State Bank of Pakistan had increased by 443 million dollars.

Also Read: Govt decides to provide Rs300 bn subsidised loan for industrialists to increase exports

The PTI spokesperson said the government had decided to earmark additional 250 billion rupees to address the issue of circular debt. This, he said, would prove to be helpful in addressing the issue of inflation. He said there were bright prospects of the economy growing more than the estimated 3.3 per cent during the current fiscal year.

“It is the first time in the last fifteen years that Bangladesh will import onion from Pakistan,” he said.

Ahmad Jawad said pharmaceutical exports rose by 12.3 percent during the first quarter of current fiscal year.

He said the government had also announced a package of 200 billion rupees for promotion of exports.

On Nov 11, Prime Minister Imran Khan’s Adviser on Finance Dr Abdul Hafeez Sheikh had said the government had decided to give 300 billion rupees subsidised loan for industrialists to increase exports.

“The government has decided to give 200 billion more rupees to exporters as loan to increase exports in the country. The interest rates would be lowered for them and the difference would be paid by the government on loan from this amount,” Abdul Hafeez Sheikh had said while addressing a press conference in Islamabad. He was flanked by Federal Minister for Economic Affairs Muhammad Hammad Azhar and Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan.