With Rs11.75trln outlay, 12th Five Year Plan targets turnaround: minister

ISLAMABAD: The 12th Five Year Plan (FYP), with an expected outlay of Rs11.750 trillion, including Rs1 trillion worth of innovative financing through public-private partnership, eyes an average GDP growth rate at 5.4 percent, a minister said on Friday.

“Priority will be given to projects related to infrastructure development, transport, housing, communication, energy and water sector,” Makhdum Khusro Bakhtyar, federal minister for planning development and reform, said chairing a briefing to Economic Advisory Council on draft 12th Five Year Plan.

“While the plan aims at improving productivity of all sectors of economy, the development strategy emphasises boosting the country’s exports as well as envisages a mechanism to monitor the progress of ongoing projects.”

Bakhtyar said the focal point of the plan was to spur overall growth, improve macroeconomic stability, expand agriculture production, galvanise agro-business potential, increase industry and export competitiveness, and boost human resource development.

“It also aims at ensuring integrated energy planning, streamlining infrastructure development, strengthening social safety nets, reducing poverty, achieving sustainable development goals and administrative reforms, shifting focus to less developed areas, climate change and environment,” the minister said.

The planning manager further said it had been decided to conduct quarterly reviews of the plan at the ministry, while bi-annual reviews would be made by the Prime Minister himself for effective implementation in achieving all the set targets.

He added that the government is committed to ensure timely completion of all ongoing projects without any cost escalation.

Zafar Hasan, secretary planning, said that plan document had been prepared through extensive consultative process involving dialogue with stakeholders, formal consultation with the members of different working groups formulated for different sectors.

“So far more than thirty sessions have been held with stakeholders for preparing the draft of the next Plan,” Hasan said.

The secretary also said that after taking the inputs and suggestions from the members of the Economic Advisory Council, the plan would be placed before National Economic Council for consideration and approval.

Abdul Razzak Dawood, advisor to PM on commerce & industry, members Economic Advisory Council, Ali Raza Bhutta, secretary BISP, Ejaz Wasti, chief economist, members planning commission and senior officials of all sections of the ministry were present during the briefing.