Economic affairs ministry monitors utilisation of project funds: minister

November 18, 2022

Federal Minister for Economic Affairs Sardar Ayaz Sadiq has said that his ministry ensures that projects are monitored and the funds are utilised in the optimal way instead of merely facilitating the signing of agreements. He stated this in a meeting held with Regional Director for the World Bank South Asia, Sustainable Development (SD) John A. Roome, and Country Director for the World Bank Najy Benhassine at the Ministry of Economic Affairs. Sardar Ayaz apprised the World Bank officials that the ministry monitors the projects through continuous meetings of National Coordination Committee on Foreign Funded Projects and Steering Committee for Coordination regarding International Assistance for Flood Relief Activities.

He appreciated the World Bank for being one of the major development partners that has extended substantial financial support ($31.1 billion) to Pakistan since the 1950s. "The World Bank’s assistance has played and will continue to play a vital role in the socio-economic uplift of Pakistan," the minister said. He also thanked the World Bank for its flood relief assistance to Pakistan. "We are extremely well-supported by the World Bank’s team.’’ Sardar Ayaz said that the World Bank's interventions cover all major sectors of the economy, including infrastructure, agriculture, rural and urban development, human capital, social services, and economic growth.

Regional Director Roome appreciated the facilitation and proactive role of the Ministry of Economic Affairs. While discussing the World Bank’s pipeline projects for supporting post-flood rehabilitation and reconstruction activities, particularly in Sindh and Balochistan provinces, he expressed the need to push forward the implementation of these projects through effective coordination with the provinces.

Speaking on the occasion, Economic Affairs Division Secretary Dr Kazim Niaz assured the World Bank officials of the ministry’s full assistance in pushing forward the delayed approvals and implementation of the projects. He stated that the ministry has categorised the projects into three categories: satisfactory, unsatisfactory, and problematic projects, with the ministry’s special focus being on the problematic ones. He apprised that the ministry is working actively with the World Bank team in ensuring faster implementation of the projects.


Credit : Independent News Pakistan-WealthPk