PRESS RELEASE

Portfolio Review Meeting of Foreign Funded (Federal) Projects

The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, convened a meeting on November 21, 2023, at the Ministry of Economic Affairs in Islamabad to review the Federal Portfolio of projects funded by the Asian Development Bank (ADB) and the World Bank (WB).

In her opening remarks, the Minister underscored the critical role these projects play in socioeconomic development, offering access to job markets and fostering economic mobility to lift people out of poverty.

During the meeting, the Minister outlined the purpose of the portfolio review, emphasizing its objective to address implementation bottlenecks and meet disbursement targets for the current fiscal year. The Minister provided insights into the background and purpose of the meeting, shedding light on both successful and problematic projects. She highlighted initiatives such as infrastructure restoration post the 2022 floods, border crossing point improvements, digital payments accessibility, housing finance, tax base broadening, adaptive social protection, and higher education sector enhancement.

Expressing concern over project delays, particularly those critically delayed, the Minister pledged to bring these issues to the attention of the Prime Minister’s Office and Provincial Governments for their support in expediting project completion. She also appealed to donors for expertise and technical assistance to ensure timely implementation for the benefit of Pakistan’s socio-economic development.

The Minister for Economic Affairs echoed the urgency of addressing problematic projects and stressed the need for clear deliverables with timelines to prevent time and cost overruns. The meeting was attended by the senior officials from the relevant ministries, project directors, and representatives from the Asian Development Bank and the World Bank.