2 weeks Ago By Fawad Yousafzai
ISLAMABAD - A parliamentary panel was Monday told that the tax incentives for Gwadar port are not possible while being in the International Monetary Fund programme. The Senate Standing Committee on Planning, Development & Special Initiatives, which met with Senator Quratulain Marri in chair, expressed concern over the five-year delay in dam construction in Balochistan and directed that project-wise details be presented at the upcoming meeting. The Committee was briefed on the Sukkur-Hyderabad-Karachi Motorways, the realignment of the Karakoram Highway and development projects of Gawadar.
Senators Jam Saifullah Khan, Shahadat Awan, Zeeshan Khanzada and Afnan Ullah Khan attended the committee meeting. Official of the Gwadar Development Authority, while briefing the committee, informed that more than Rs14 billion have been received for the development of Gwadar under the Gwadar Master Plan. Gwadar Development Plan is worth Rs 25 billion, GDA official added.
Training course on developing climate-smart agriculture kicks off at NARC While providing an update on the projects in Gwadar, it was revealed that a 253-km road has been constructed as per the Master Plan road network. A 50-bed hospital has been constructed on 68 acres, a state-of-the-art school has been built on 84 acres, public parks covering 20 acres have been developed, and 300 acres have been reserved for the establishment of a sports complex. The committee also discussed issues related to the operationalization of Gwadar.
Official of the Planning Ministry informed that charges of Gwadar Port are higher as compare to other regional ports. There are also security issues in Gwadar, the official maintained. The chairperson of the committee said that tax incentives should be given to Gwadar Port for attracting investment.
However, the official said Pakistan is currently under the IMF programme. “Tax incentives are not possible while being in the IMF program,” he added. Committee member Afnan Ullah Khan said that work should be done to promote foreign investment in Gwadar.
PSX witnessed bullish trend, gains 1,067 points Senator Zeeshan Khanzada said that Pakistani people are going to Dubai to invest and stressed that these people should be attracted to invest in Gwadar. The committee was further informed that 23 dam projects are currently underway in Balochistan. Official of the Planning Ministry said that a total of 23 dams—11 small and 12 mega—are planned.
The total estimated cost is Rs 182,837 million, with Rs50,588.16 million incurred to date. Similarly, Rs22.
38 billion have been allocated for 23 dam projects in the current fiscal year, while Rs5.31 billion have been released so far for the construction of dams in FY2024-25, official of the Planning Ministry informed. “Rs4.
86 billion of the released amount for the current year has been spent,” he added. The chairperson expressed concern over the five-year delay in dam construction and directed that project-wise details be presented at the upcoming meeting. It was revealed that financial progress on dam projects in Balochistan is only 21.
7 percent. The committee was informed 18 out of 23 dams under construction in Balochistan are facing delays in construction. It was revealed that 14 dams in Balochistan could not be completed even after the expiry of completion period.
While 4 dam projects are also facing delays due to cost escalation, the official informed. Gold jumps to record Rs357,800 per tola The Ministry of Finance briefed the committee on development projects in Balochistan and reported that Rs50 billion had been released to the province. This statement was endorsed by the Assistant Chief of Planning and Development, Balochistan.
The chairperson, with the consensus of committee members, recommended completing ongoing projects before initiating new ones. The chairperson raised the issue of fund releases in relation to project progress in the province and directed that a detailed report on all projects be submitted at the next meeting. She suggested that the committee and concerned authorities consider developing Gwadar to international standards and take concrete steps to attract investors and tourists.
The Committee also directed the Ministry of Planning and Development to explore and devise different policies and strategies to attract and incentivize investments in Gwadar. The committee also summoned the Secretary Communication. US tariffs present both challenges, opportunities for Pakistan: Think tank The committee noted the consecutive absence of the Secretary of Communication in its fourth meeting.
The chairperson expressed serious concerns over the officer’s negligence and directed that summon be issued in his name for disregarding the Senate Committee. While addressing the chairperson’s concern regarding the deteriorated condition of the road from Hunza to Khunjerab, the NHA representative explained that the damage was due to the frequent movement of heavy machinery and construction materials for the construction of the Bhasha and Dasu Dams. The chairperson, in consultation with committee members, stated that a meeting would be arranged in Hunza to witness the road conditions firsthand.
The committee was also briefed on international collaboration prospects, particularly regarding road infrastructure discussions with the Minister of Economy of Azerbaijan during a recent visit. Minister of State for Planning, Development & Special Initiatives stated that the Prime Minister had assured in various meetings that the Sukkur-Hyderabad-Karachi Motorway project would begin on a priority basis with PSDP funding if foreign funds are not available. Pakistan borrows around $6.
5b from multiple financing sources in nine months Tags: tax incentives gwadar port.
