Shadow of IMF looms over development kitty

Under the tight control of the International Monetary Fund (IMF), next year’s federal development programme cuts allocations for almost all sectors, barring a rise in road building schemes and no changes to parliamentarians’ schemes. Despite this, the Annual Planning Coordination Committee (APCC) cleared the national development programme worth a record Rs4.083 trillion, aided by Punjab and Sindh, showing greater financial muscle than the Centre which is pauperised by greater financial devolution, debt servicing, and security needs. Based on this spending, the government set next year’s growth target at 4.2pc, supported by a 4.4pc target in agriculture output, 4.3pc in industry, and 4pc in the services sector, and an inflation rate at 7.5pc.