Govt Seeks Rs. 932 Billion Foreign Loans to Finance Development Projects Next Fiscal Year

The federal government plans to borrow Rs. 932 billion to finance development projects next fiscal year. The federal government will borrow Rs. 316 billion while the four provincial governments will collectively borrow Rs. 616 billion for working on development projects next fiscal year. The Sindh government will borrow Rs. 334 billion, Khyber Pakhtunkhwa Rs. 131 billion, and Punjab Rs. 123 billion in development funds. Meanwhile, the Government of Balochistan will borrow Rs. 29 billion. The National Economic Council (NEC) on Monday approved Rs. 1.4 trillion worth of federal Public Sector Development Program (PSDP) along with a national development budget outlay of Rs. 3.5 trillion (Rs. 2.1 trillion provincial annual development plans). The NEC also approved a five-year annual development plan including a target to increase exports of goods and services to $63 billion by 2029.