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Budget 2020-21 and CPEC

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A portion of the significant goals of government’s financial plan are as per the following: Reallocation of resources, decreasing imbalances in pay and riches, monetary stability, the executives of public enterprises, monetary growth and decreasing territorial aberrations.
Government readies the spending plan for satisfying certain targets. These goals are the immediate result of government’s financial, social and political strategies. There is no denying that COVID-19 will have enduring short-and long-haul impacts on the economy.
CPEC is intended to rapidly upgrade Pakistan’s required infrastructure and strengthen its economy by the construction of modern transportation networks, numerous energy projects, and special economic zones.
The total outlay of Budget 2020-21 is Rs7,294.9 billion. It is 11% lower than the size of budget estimates 2019-20. The government’s efforts to bring the economy back on track. All industries and businesses were impacted. A large sum has been allocated for upcoming projects. The federal government has announced the budget for the monetary year 2020-2021 and reserved a huge sum amount for the development of CPEC
The budgetary allocations for new schemes include Rs319.300 million for acquisition of Marine Services Vessel for Gwadar Port, Rs111.450 million for acquisition of Mobile Cranes and Fort Lifters for Gwadar Port, Rs200.000 million for construction of Gyone Wall/Breakwater and allied works at East Bay Gwadar, and Rs148.000 for feasibility study of capital dredging of berthing areas and channel for additional terminals year allocated for China-Pakistan Economic Corridor linked projects the Mirpur University of Science & Technology (MUST) Palandri Campus, Industrial Cooperation Development Project.
Sea Water Desalination Plant at Gwadar, construction of East-Bay Expressway, Rs1,000.000 million has been made for the construction of East-Bay Expressway, Rs312.127 million for Pak-China Technical and Vocational Institute at Gwadar, and Rs.85.779 million for the feasibility study of construction of Breakwater.
for new schemes include Rs319.300 million for acquisition of Marine Services Vessel for Gwadar Port, Rs111.450 million for acquisition of Mobile Cranes and Fort Lifters for Gwadar Port, Rs200.000 million for construction of Gyone Wall/Breakwater and allied works at East Bay Gwadar, and Rs148.000 for feasibility study of capital dredging of berthing areas and channel for additional terminals.
Estimated cost of the Project Management Unit of China Pakistan Economic Corridor – Industrial Cooperation Development Project is Rs 339.281 million, projects related to China-Pakistan Economic Corridor western route purpose, Rs118 billion have been allocated. Rs24 billion have been earmarked for ML-1 & other projects of Pakistan Railways & additional funds of Rs37 billion for other projects of communication sector, upgrading and dualizing Peshawar to Karachi (1872 km) track under the China-Pakistan Economic Corridor. Dry Port in Khyber Pakhtunkhwa Hazara Division Ddistrict Abbottabad Havelian (2018-22) Phase-1, western route of China-Pakistan Economic Corridor, had a potential to create 174,000 direct jobs in the country.
China is also building Pak-China Technical and Vocational Training Institute in Gwadar at the cost of $10 million. It will create job opportunities for the locals. Personally believe that Gwadar will be a new economic hub of Pakistan and Asian countries & the highest GDP contributor to Pakistan’s economy.
Analysts & Economists in Pakistan are of the considered opinion that once the global & regional economy takes off in new form, these foreign companies will enhance their investments in Gwadar projects besides putting them on a fast track.