ISLAMABAD:
In a budget dominated by the China-Pakistan Economic Corridor, Pakistan plans to allocate upwards of $14 billion in total development spending for fiscal year 2016, though remarkably only 20% of that will be financed by foreign lenders, local media authorities claimed.
On Tuesday, the Annual Plan Coordination Committee (APCC) approved a Rs1,418 billion national development programme for the fiscal year that ends June 30, 2016, an allocation that is up 20% from the outgoing fiscal year’s budget, according to sources.
Foreign lenders will finance 20% of the national development programme and provide Rs283.4 billion loans during fiscal 2016. For the federal development budget, this ratio goes higher to 31%, mainly due to projects that are part of the China-Pakistan Economic Corridor (CPEC), reportedly.