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Bullet train, Metro Bus for Karachi, Islamabad dropped

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Bullet train, Metro Bus for Karachi, Islamabad dropped

To meet the IMF’s conditions, the government has put on hold its mega initiatives of Metro Bus projects for Islamabad and Karachi and the much-touted bullet train, costing Rs115billion, it is learnt.

“The first victim of fiscal consolidation under the IMF’s conditionalities has again been the Public Sector Development Programme (PSDP) which might be slashed to the tune of Rs115 billion by putting on hold new initiatives envisioned by the government at the time of budget 2013-14,” official sources confirmed to The News here on Wednesday.

When contacted, one top official of the Planning Commission on Wednesday said nothing was clear yet on this account as these mega development schemes under new initiatives would only be undertaken by the government if the FBR achieved its desired tax collection target of Rs2,475 billion.

“The new initiatives of Rs115 billion into PSDP have been linked with the performance of FBR’s tax collection as in case of a shortfall these schemes will be shelved at least for the current fiscal year,” said the official.

This correspondent made several attempts to contact Minister for Development Ahsan Iqbal and Secretary Planning Hassan Nawaz Tarar but got no response. The government had increased the PSDP by 50 percent, jacking it up from Rs350 billion in last financial year to Rs540 billion in the current fiscal year under which Rs115 billion were allocated with tag of new initiatives without mentioning any projects. At time of approving annual development outlay of Rs1,115 billion for federal and provincial governments, the National Economic Council (NEC) had approved indicative allocation of Rs115 billion without specifying any projects. It was believed at that time that the government wanted to implement its manifesto by putting aside money for undertaking mega schemes such as metro bus in twin cities of Rawalpindi/Islamabad and Karachi as well as kick-starting work on bullet train.

In the aftermath of agreement with the IMF staff, this new initiative with allocated amount of Rs115 billion was put on hold for the time being as the government wanted to curtail its consolidated budget deficit within the desired range of 6 percent of GDP.

On other hand, the provinces have also agreed to generate cash balance of Rs117 billion in the current fiscal year. “This fiscal consolidation means that the growth is being compromised for the sake of stabilisation,” said an independent economic expert.

When contacted, renowned economist, Dr Hafeez A Pasha, who is also former minister for finance and development, said the cash balance of provinces to the tune of Rs117 billion means that they were going to reduce their development budgets.

The provinces, he said, posted deficit budgets of Rs50 to 60 billion in the current fiscal year which increased to Rs92 billion after incorporation of salary increases in the range of 10 to 15 percent by the provincial governments.

He said that the government increased federal development budget by 50 percent in order to stimulate sluggish economic activities and it was the right approach but fiscal framework might witness slashing down public sector expenditures that would result into compromising growth prospects of the country over the next few years.

Bullet train, Metro Bus for Karachi, Islamabad dropped - thenews.com.pk

:cray:
 
They have 5 years. Calm down. First step is to improve our economy and only than we can afford bullet train. You guys can only criticize others because your leader has let you down and hasnt done anything for you guys. You guys are being his slave and defending him online while he is in UK drinking and partying. What a low life you guys got..... Feel really bad for you kids.
 
Go tell this to your clown leaders who are making themselves look idiots by backing off.. Poor noora, still unsure whether he'll get full 5 years term or not.. :rofl:

Tum kitne baycharay ho. You had high hopes but in the end you guys lost miserably. Now your leader has ran away and is enjoying with foreign chicks and saving elephants while you are defending his sorry ***. You guys are bunch of slaves. It seems like you were born to be his slaves. Enjoy the slavery while your leader enjoys with girls in UK and makes more babies :)
 
Tum kitne baycharay ho. You had high hopes but in the end you guys lost miserably. Now your leader has ran away and is enjoying with foreign chicks and saving elephants while you are defending his sorry ***. You guys are bunch of slaves. It seems like you were born to be his slaves. Enjoy the slavery while your leader enjoys with girls in UK and makes more babies :)

hahahahaaaa you made me laugh at your miserable situation.. Life must be very hard as Noora supporter.. :rofl: First of all, IK is back since 8:30am today, so go check and cry me a river..

Secondly, talking about slaves, I'm amazed how you darbaries are talking about slavery. Tell you what, you are the one's who are slaves of nooras, we Insaafians criticize our leader and any other party member freely if they do anything wrong and we still stay happily in PTI like before.. Tell me a single incident where any PML-N worker or member criticized his party leadership and he was then allowed to stay in party like before?? Heck your party was busy uprooting electricity poles outside party offices to discourage you darbari protesters... :omghaha:


PS: now want to shed some light on the thread or you're enjoying this mud fight??
 
They have 5 years. Calm down. First step is to improve our economy and only than we can afford bullet train. You guys can only criticize others because your leader has let you down and hasnt done anything for you guys. You guys are being his slave and defending him online while he is in UK drinking and partying. What a low life you guys got..... Feel really bad for you kids.

Doesn't take a month to complete these projects uncle jee
 
AGAR KUCH KR NAHI SAKTEY TO BACKWASS KR KR K LOGOON TO BEWAKOOF KYUN BANAYA
IN THE LAST FEW DAYS I HAVE MET A NUMBER OF NOORA SUPPORTERS WHO ARE NOW REGRETTING THEIR CHOICE
 
well,isn't IMF interfering too much?? I think, the rule are bit steep high... I am not expert in economics but I feel IMF is asking too much....

@AUSTERLITZ is India also under loan from IMF??

@BDforever ,is BD under loan currently??
 
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Who said everything will be done in the first few days, months, or in 1 full year ? No one is in a rush. Its a 5 year tenure and its a long time.

In the mean time, things are progressing on paper. An MoU was signed today for Ring Road and Monorail with a Chinese company in Punjab. Sorry mate but no one can stop foreign investments. They will be the mother of all projects
 
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Bullet train was never a possibility considering the Current Stare if pakistan Railways
Metro Bus though was very much possible These type of projects pay for themselves in some years
I think Pakistan should apply a soft loan with China or Japan
This will help in many ways create jobs,ease pressure in roads etc

Although I think Nawaz is the right man for job they have just inherited a economy complete destroyed by Zardari & co
You should give him & your democracy or Democrazy as some of you call it a chance before making opinions
 
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