ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) has approved “Investment Project Financing” (IPF) component of “Pakistan Raises Revenue Project” at a cost of Rs 21.518 billion ($80 million World Bank loan) to enhance tax to GDP ratio.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of ECNEC on Thursday .
The Planning Commission submitted a project to the Federal Board of Revenue titled “IPF Component of Pakistan Raises Revenue Project” at a cost of Rs 21.518 billion ($80 million World Bank loan) to enhance tax to GDP ratio.
Under the project, FBR will establish 30 mobile facilitation centers in the 1st phase and the second phase would be started after the successful execution of the 1st phase and after the approval of the planning commission.
The IPF component aims to eliminate the country’s fiscal constraints by reducing tax expenditure, increasing tax receipts by broadening the tax base and to modernize and make FBR well equipped with advanced ICT based operations.
The scope of the project includes replacement of end of life hardware, active private cloud, licensing and legacy’ data warehouse, Business Intelligence tools with other software solutions; full connectivity for FBR field formation including LAN, VoIP and control rooms, tax compliance initiatives, establishment of mobile tax facilitation stations’, contractless scanning equipment for automated entry exit system and allied works; customs central risk management framework and technical assistance for business process improvement and automation.
In line with the government’s digital Pakistan policy, FBR intends to improve its outreach, service through citizen centric digital initiatives. The main emphasis of the “Pakistan Raises Revenue” project is on sustainable increase in revenues and broadening of tax base and implementation of a developed strategy plan.
The ECNEC, in its meeting, also considered and approved a revised project by the Ministry of Communication titled “Dualization of Rawalpindi –Kahuta road ( 28.4 kms) including 4-lane bridge over Sihala Railway pass, Sinhala bypass and Kahuta bypass ”. The revised project had a rationalized cost of Rs. 23.545.021 billion on a financing share of 50:50 basis between the Federal and Provincial Govt. The project will be executed by NHA.
The ECNEC also considered a revised project of the Ministry of Defence Production titled “Infrastructure Up-gradation of Karachi Shipyard and Engineering Works (KSEW).” The project envisages renewed underwater repair capability and concrete rehabilitation/up-gradation works for restoration of existing two dry Docks for ships/ submarines. The ECNEC approved the project at a revised updated cost of Rs. 10.689.807 billion including FEC of Rs 4.934.564 billion.
Furthermore, the ECNEC considered and approved a project titled “Construction of Abdul Khel – Dhakhi- Kallurkot (45 kms) road” at a cost of Rs. 14.257 billion without FEC. The project will be executed by NHA in Dera Ismail Khan district of KPK at 50:50 cost sharing between the Federal Govt and KPK Govt.
The ECNEC considered a revised project of the Ministry of Water Resources titled “Garuk Storage Dam, district Kharan” to be executed by Irrigation Department, Balochistan Government in Kharan district. The project aims at mitigating and storing flood waters of Garuk River and providing water for irrigation. The ECNEC approved the revised project at a cost of Rs. 27.753 billion without FEC.
Amongst other considerations m, the ECNEC also considered and approved another project of the Ministry of Water Resources titled “Remodeling of Pat Feeder Canal System in Balochistan, district Naseerabad ” at a cost of Rs. 61.793 billion without FEC. The project will be financed through the Federal and Provincial Government on an 80:20 cost sharing basis.
The ECNEC considered and approved a project of Pakistan Atomic Energy Commission (PAEC) titled “Chashma Nuclear Power Project Unit-5 (C-5)” at a rationalized cost of Rs. 104.7 billion with FEC of Rs. 187.098 billion and Chinese credit of Rs 820.742 billion. The project will install a nuclear power plant of 1200 MW capacity in Mianwali.
The ECNEC also considered and approved in principle a project of the Sindh Government on Construction/Reconstruction of Existing Schools in Sindh affected by Rain/Flood, 2022. The project was estimated at a cost of Rs 12.3 billion, with 50:50 cost sharing basis between Federal and Provincial Governments.
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