The Senate Standing Committees on Finance, Revenue, Economic Affairs, Statistics and Privatization meeting was informed on Friday that so far
The meeting was held here under the chairmanship of Senator
The committee discussed in detail briefing regarding loan approved by the
The meeting was attended by Senator
In the meeting, Secretary Economic Affairs Division Muhammad Saleem Sethi briefed the committee members on ongoing
He said that the agriculture support consists of three projects, Punjab irrigated agriculture productivity
improvement program project,
The Secretary briefed the committee and said that
He said that first installment was made available after signing of the agreement in
He added that the program possesses a comprehensive longer repayments period of 4 Â½ and 10 years with repayments in 12 equal semi annual installments.
The Secretary further informed the committee that the
He further told them that domestic private investment dropped from 14% of GDP in 2007-08 to an estimated 10.9% of GDP in 2012-13 with weak private sector credit growth contributed to the decline.
He added that the State Bank of
He said that during 2012-13, fiscal deficit ( Excluding grants) was over eight and half percent of GDP, well above the original budget target of 4.7 % of GDP due to slippage on both revenues and expenditures.
He added that the review short fall of over 1% of GDP relative to the 2012- 13 budgets was largely explained by the under performance in tax collections in the previous fiscal year in adequate tax administration and a slow down in economic activity,higher expenditure of over 2% of GDP reflected higher energy subsidies.
The Secretary said that energy sector remained saddled with considerable problems that have led to unreliable electricity supply and large fiscal costs,including price distortions, insufficient collections,costly and poorly targeted subsidies, inadequate governance and low efficiency in energy supply and distribution, regulatory inadequacies and in- sufficient investment in new energy production and modernization.
As a result, he said power outrage (loadshedding) averaged around 8 to 10 hour a day, constraining production and employment, while output losses were estimated at 2% of GDP annually.
The secretary also highlighted the objectives and elements of EFF program for the strengthening of national economy.
He further informed the committee that the
support strategy for productivity focused on three areas of technology driven productivity, enhancement focused on diversification towards high value crops, improved water management centered on conservation and revamping of marketing system.
He said that technical assistance for agriculture and livestock production was largely consistent across the stakeholder groups.
He added that currently the
The ongoing project, he said are Punjab irrigated Agriculture productivity improvement program project,Balochistan small scale irrigation project and
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