The Khyber Pakhtunkhwa (KP) government has decided to borrow more from international financial institutions for development projects.
The official source said that work has been started on a feasibility study for a project worth Rs52 billion for construction and rehabilitation of roads leading to health centers and educational institutions in different districts of the province. The officials said that the project will be part of the next year’s annual development program for which a loan will be taken from the World Bank (WB).
According to sources in the finance department, KP government has failed to secure its share of net hydel profit from the central government in the last three years due to which government is borrowing from international institutions to fund uplift projects. Thus, during the past years rule of the Pakistan Tehreek-e-Insaf (PTI), the foreign debt of the province has exceeded Rs500 billion.
Sources in the communications and works department informed that it has been decided to borrow more from the World Bank to rehabilitate the dilapidated roads leading to health centers and educational institutions in the province. It is estimated that a total of Rs52.70 billion will be required for the project for which the WB will be approached.
If the loan is approved, it will be a major foreign funded project in the next year’s annual development program. The Planning and development department has recommended to set aside Rs1.5 billion for this project in the next financial year.
The sources in P&D said that the present KP government is trying to get more loans for development projects in different constituencies of the province during its last year.
