Sardar Ayaz Sadiq, the Honorable Federal Minister for Economic Affairs chaired the 3rd follow up meeting of National Coordination Committee on Foreign Funded Projects (NCC-FFP) at the Ministry to review foreign funded Federal Energy Sector projects. The meeting was attended by SAPM, Additional Secretary Energy, SMBR (Punjab & Sindh), ACS (KP), MD’s & CEO’s of implementing agencies.
Minister for Economic Affairs welcomed the participants and stressed on the importance of Energy Sector of Pakistan. He stated that Energy is arguably one of the most important inputs for economic growth to sustain industrial and commercial activities.
Joint Secretary (EC), briefed the committee on the background and purpose of the meeting, and particularly highlighted the problematic and moderately satisfactory projects and issues thereof. He apprised the Committee that EAD is managing an ongoing portfolio of $34.8 billion foreign funded projects of various sectors of the economy. Out of total portfolio, $15 billion (43%) is considered as problematic. The share of Federal Energy projects is $3.3 billion, of which $2.3 billion is rated as problematic.
Minister for Economic affairs emphasized the need to address the issues of problematic projects on urgent basis, especially those facing chronic delays so as to pace up disbursements and progress. He stressed the need for setting milestones/deliverables with timelines by the focal ministries and implementing agencies for better monitoring, and preventing time & cost over-runs.
Secretary EAD stressed on the need for regular follow-up monthly meetings by the focal ministries with executing agencies and stakeholders for due monitoring and prompt resolution of issues.
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