THE Senate Standing Committee on Economic Affairs Division’s expression of concern over the persistent issue of cost and time overruns in foreign-funded projects is both timely and warranted. These delays have long plagued the country’s infrastructure development, causing severe damage to the national exchequer. Not only does this result in wasted public funds, but it also compels the government to incur heavy financial penalties in the form of commitment charges to international lenders, paid in hard-earned foreign currency.
Over the years, delays in project completion have become a recurring problem that seems to defy resolution. Whether it is due to bureaucratic inefficiencies, lack of coordination, or delays in the release of funds, the end result is always the same: projects drag on far beyond their planned timelines, leading to spiralling costs. This mismanagement not only undermines the potential benefits of such projects but also damages the credibility of the country’s governance on the global stage. Prime Minister Shehbaz Sharif, during his tenure as Chief Minister of Punjab, was known for his commitment to ensuring the timely completion of projects.
His leadership saw the successful and rapid execution of infrastructure projects in the province. This proactive approach underlined his understanding of the importance of efficient project management, a practice that is now sorely needed at the national level. A more coordinated and collaborative approach is essential, where all stakeholders are aligned in their goals and efforts. Firstly, there must be a transparent and efficient mechanism for fund allocation, ensuring that the release of funds is not subject to unnecessary delays. Furthermore, there must be strict monitoring and evaluation of ongoing projects. It is crucial to have regular assessments to track progress and identify any potential obstacles early on, so corrective measures can be taken promptly. The involvement of independent third-party evaluators could also add a layer of accountability, ensuring that projects are executed as per the established timelines and within budget.
