ISLAMABAD, June 28: The Planning and Development Division has directed all the ministries and divisions to submit by July 5, 2003, the details of their each development project costing more than Rs40 million.

Planning and Development Division chief economist Dr Pervez Tahir in his letter sent to all the secretaries of the ministries and divisions said that the financial/physical targets for each project costing more than Rs40 million based on PSDP 2004-05 should be furnished to him by July 5.

The division in this behalf has prepared a proforma to collect information in respect of each development project including in the new PSDP.

The National Economic Council (NEC) in its meeting on May 29 had emphasized the importance of project implementation.

“The benefits of the investment can be realized only in case the projects are implemented as per cost and schedule approved by the competent authority,” Dr Tahir said in a letter written to finance secretary Nawid Ahsan, copy of which was also made available to Dawn.

It has, therefore, been decided that the NEC will meet twice a year and the Executive Committee of the National Economic Council (Ecnec) on quarterly basis to review the progress of development projects, he added.