The International Monetary Fund (IMF) has expressed reservations regarding Pakistan's development budget and asserts that the current trajectory of the economic budget is unsustainable, reported the 24NewsHD TV channel.
According to the IMF, a critical review of the development budget is imperative to address the prevailing challenges.
The IMF emphasized the need for an infusion of funds amounting to 10.7 trillion rupees to complete all ongoing development projects.
Furthermore, the IMF discloses that the required funding for development projects in the current fiscal year surpasses the allocated budget by 14 times. The allocated development budget is only Rs727 billion.
According to the IMF's statement, the government initiated new development projects amounting to 2.3 trillion rupees in the previous budget.
However, the financial organization stressed the need to conduct a technical assessment before approving any new development projects.
The IMF recommended the formulation of a five-year policy for the selection of development projects.
Additionally, it also called for the development and publication of a transparent mechanism for disbursing funds for development projects.
Highlighting the importance of public investment management, the IMF has issued a Public Investment Management Assessment Report.
The report is expected to shed light on areas of improvement in managing public investments for the country's economic development.