Islamabad: The federal government has developed a robust three-year ‘Public Sector Development Programme (PSDP) Plus’ plan in an effort to stimulate economic growth and create more job opportunities for the country’s youth, a news source reported. The project involves getting private sector on board for the development of 53 mega projects with an approximate PKR 5.2 trillion investment.
As per the report, this programme will be executed separately from the standard PSDP framework currently in effect, and is scheduled for implementation between fiscal years 2020 and 2023. Prime Minister (PM) Imran Khan recently provided his approval to the project and directed the relevant government ministries and provincial administrations concerned to come up with similar developmental initiatives for the public’s benefit.
According to the State Bank of Pakistan estimates, the country needs to achieve an annual growth rate of more than 6.6 per cent to accommodate 1.3 million new job seekers. The PSDP plus plan has been envisaged to achieve the goal. It will enhance development spending with an aim to achieve a sustainable GDP growth rate of 6.7% at the end of the programme from the projected growth rate of 3.3% for this fiscal.
The government seems to be following the Turkish model. Under their version of the plan, the Turkish authorities invested USD 138 billion other than the government funding during 2013-18. These funds were invested in certain critical areas and helped the country attain a sustained economic growth of over 6pc during these years.
