Karachi, May 25, 2012 (PPI-OT): National Economic Council (NEC) has approved the Public Sector Development Plan (PSDP) allocation of PkRs 873 bn for FY13 of which PkRs 360 bn would be kept as share of the federal government while PkRs 513 bn would be handed over to provinces.
According to Alfalah Securities Limited, the allocation for PSDP includes an amount of PkRs 100 bn as foreign assistance while the remaining of the total targeted amount would be met through country’s resources. A budget of PkRs 873 bn would be utilized for 1,044 development projects, comprising of 972 ongoing and 72 new projects to which PkRs 337 bn and PkRs 13 bn would be allocated respectively. The NEC has also informed that 262 new projects of worth PkRs 270 bn would also be approved and completed in FY13 where PkRs 48 bn has been allocated for these projects. An increase in the allocation of PSDP would bode well for the cement industry as an increase in development projects throughout the country would result in increasing the demand of cements.