IMF Expresses Concerns on Pakistan’s Development Budget

IMF Expresses Concerns on Pakistan’s Development Budget

—-File photo

The International Monetary Fund (IMF) has expressed concerns over Pakistan’s development budget while releasing the Public Investment Management Assessment Report.

The IMF has said in its report that Pakistan’s development budget is unsustainable and needs to be reviewed, 10.7 trillion rupees are required to complete all development projects.

The report states that the funding required for all development projects is 14 times more than the current year’s development budget of 727 billion rupees. In the last budget, the government launched new development projects worth 2.3 trillion rupees. Technical assessment is necessary before approving development projects. , a 5-year policy should be made for the selection of development projects.

The IMF says that the method of releasing funds for development projects should be prepared and published. Pakistan’s debt will be 81.8 trillion by the end of this fiscal year. 73 percent will be.

The report says that the size of the next budget will be up to 15.4 trillion, Pakistan is one of the countries with the highest risk of climate change, 30 million people were affected by the floods of 2022 in Pakistan, 1700 people died in the floods in Pakistan. Since 2000, climate change is costing Pakistan 2 billion dollars every year, 500 people are dying every year due to natural disasters and climate change.

The International Monetary Fund said that 40 million people in Pakistan are affected by climate change every year. .

The report also states that Pakistan’s budget to deal with climate change is grossly inadequate, Pakistan’s development budget should prioritize climate change projects.

Source link