ISLAMABAD:Federal Minister for Economic Affairs Sardar Ayaz Sadiq on Thursday chaired the third follow up meeting of National Coordination Committee on Foreign Funded Projects (NCC-FFP) here at the Ministry to review the foreign funded Federal Energy Sector projects.
The Minister for Economic Affairs stressed on the importance of Energy Sector of Pakistan. He said Energy is arguably one of the most important inputs for economic growth to sustain industrial and commercial activities. Joint Secretary of the Economic Affairs Ministry briefed the committee on the background and purpose of the meeting, and particularly highlighted the problematic and moderately satisfactory projects and issues thereof.
He apprised the Committee 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%) is considered as problematic.
The share of Federal Energy projects is $3.3 billion, of which $2.3 billion is rated as problematic. Minister for Economic affairs emphasized the need to address the issues of problematic projects on urgent basis, especially those facing chronic delays so as to pace up disbursements and progress.
He stressed the need for setting milestones/deliverables with timelines by the focal ministries and implementing agencies for better monitoring, and preventing time and cost over-runs. The 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.