State Bank of Pakistan (SBP) governor Jameel Ahmed Khan said Islamabad spends only 2.1pc of its total Gross Domestic Product (GDP) on the ins fracture of the country.
On Tuesday, he spoke at the Infrastructure Summit in Karachi.
The SBP governor stated that since the coronavirus outbreak, there has been a greater demand for spending on infrastructure around the world and that up to $80 billion is required to provide basic amenities to the world’s population.
“The annual budget for infrastructure projects around the world is $920 billion.” Jameel Khan pointed out that Pakistan lacks funding for infrastructural projects.
Pakistan needs heavy investments in energy, communication, transport, and other sectors, he added.
Jameel Ahmad appointed SBP governor for five years
SBP Governor Jameel Ahmed Khan commented on the devastation brought on by the floods last year, stating that Pakistan needed $16 billion in funding to recover from the tragedy.
He bemoaned Pakistan’s record-low infrastructure spending of only 2.1 percent of its GDP, which is the lowest in the world. Mr. Khan stated that Pakistan needs significant investments but has a restricted budget.