Government need to invest in development projects for economic uplift-Yassar Sakhi Butt

  • January 18, 2012
A substantial increase has been recorded in non-development expenditures since few years instead of increasing outlays for development projects and social sector. Government needs to spend more on development projects which provide a platform for jobs creation through generation of economic activity.

These remarks were made by Yassar Sakhi Butt, President, Islamabad Chamber of Commerce & Industry. He said that limited resources were allocated for development projects which were the main reason of increasing the unemployment and slowing down of economic growth.

ICCI President observed that unemployment rate has increased from 7.4 percent in 2009 to more than 16 percent in 2011, thus, Government should release adequate funds for development projects for increasing pace of economic growth which would also help to reduce unemployment rate.

He was responding to the report that Government has allocated Rs.290 billion for the PSDP for the year 2011-12 but released only 25 percent funds even after six months of the current fiscal year. He said that by financing development projects like developing more roads, dams, housing and schools would generate productive employment opportunities.

Yassar Sakhi Butt was also expressing concern over the suspension of development loans from other multilateral financial institutions and said it was the high time for economic managers to develop a comprehensive development plan for the country without external budgetary support.

ICCI President said that our Government should learn from China, India, Bangladesh and Sri Lanka, who have kept development projects on priority basis, aimed at addressing poverty alleviation through generating employment opportunities.

He said that Government should reform public spending and provide more funds for development projects in order to execute all sorts of infrastructure projects which were necessary for building a modern and efficient economy.