$15 Billion Foreign Funded Projects Considered Problematic

Out of a total portfolio of $34.8 billion, about $15 billion or 43 percent of foreign-funded projects are considered ‘problematic’, this was disclosed in the meeting of National Coordination Committee on Foreign Funded Projects (NCC-FFP). Federal Minister for Economic Affairs Sardar Ayaz Sadiq chaired the 3rd follow up meeting of National Coordination Committee on Foreign Funded Projects (NCC-FFP) at the Ministry to review foreign funded federal energy sector projects. The minister welcomed the participants and stressed on the importance of energy sector of Pakistan. He stated that energy is arguably one of the most important inputs for economic growth to sustain industrial and commercial activities. The committee was apprised that Economic Affairs Division (EAD) is managing an ongoing portfolio of $34.8 billion foreign funded projects of various sectors of the economy. Out of total portfolio, $15 billion (43 percent) is considered as problematic. The share of federal energy projects is $3.3 billion, of which $2.3 billion is rated as problematic. The minister emphasized the need to address the issues of problematic projects on urgent basis, especially those facing chronic delays to pace up disbursements and progress. He stressed the need for setting milestones with timelines by the focal ministries and implementing agencies for better monitoring, and preventing time and cost over-runs. Secretary EAD stressed on the need for regular follow-up monthly meetings by the focal ministries with executing agencies and stakeholders for due monitoring and prompt resolution of issues.