The Executive Committee of the National Economic Council (ECNEC) has given its approval to eight crucial projects with a total value of Rs1,201 billion.
These projects encompass infrastructural development, nuclear power plants, and the implementation of Pakistan Raises Revenue Project, aimed at enhancing the tax-to-GDP ratio.
Chaired by the Federal Finance Minister, Ishaq Dar, the ECNEC meeting took place on Thursday.
During the session, the Planning Commission presented a project to the Federal Board of Revenue (FBR) titled “IPF Component of Pakistan Raises Revenue Project.”
This initiative, amounting to Rs21.518 billion (with a $80 million loan from the World Bank), aims to bolster the tax-to-GDP ratio.
The FBR intends to establish 30 mobile facilitation centres in the first phase, with a second phase to follow once the first one is successfully executed and gains approval from the Planning Commission.
The main objectives of the IPF component are to reduce tax expenditure, broaden the tax base, and modernise FBR by implementing advanced ICT-based operations.
By achieving these goals, the project aims to overcome the country’s fiscal constraints effectively.
Another approved project is the revised version of the ministry of communication’s initiative titled “Dualisation of Rawalpindi-Kahuta Road”.
This project, spanning 28.4 km, includes the construction of a 4-lane Bridge over Sihala Railway pass, Sinhala bypass, and Kahuta bypass.
The total cost of this project, set on a 50:50 financing basis by the federal and provincial governments, stands at Rs23.545 billion.
The National Highway Authority (NHA) will execute this vital infrastructural development.
Additionally, the ECNEC considered a revised project by defence ministry of defence production, “Infrastructure Up-gradation of Karachi Shipyard and Engineering Works (KSEW)”.
The project’s primary focus is on enhancing the underwater repair capability and rehabilitating/upgrading existing concrete structures to restore two dry docks for ships and submarines.
With an updated cost of Rs10.689 billion, including a Foreign Exchange Component (FEC) of Rs4.934 billion, this initiative received the ECNEC’s approval.
