The National Economic Council (NEC) meeting in Islamabad, chaired by Prime Minister Shehbaz Sharif, approved Rs1500bn as the country’s highest-ever development budget and several targets. The federal part is Rs1400bn, while Rs100bn will be through public-private partnership. The new fiscal year budget has set a development plan for all four provinces with Rs1560bn. As per the sources, the annual plan for FY2023-24 was reviewed in this meeting, and the 2024-25 yearly plan, based on the 13th Five-Year Plan, was also approved there.
He emphasized that through consultation important decisions will be made. The meeting lasted over three and a half hours, mainly discussing economic and budget-related issues. After this, the council ratified the financial plan and targets for the next fiscal year. NEC also gave the go-ahead to the national development plan, which reflects a total development budget of Rs3060bn for the federal government and provinces.
According to documents, the Five Year Plan sets a growth target of 3.6% for the next fiscal year and 6% by FY2029. At the same time, it sets an average economic growth target of 5.1% for the next five years. The next budget’s agricultural growth target is 2%, with industrial growth at 4.4%. Service sector growth at 4.1%, and exports at $40.5 billion. The import target is $68.1 billion, remittances from overseas Pakistanis are $30.2bn, and the current account deficit target is 3.7% for the next fiscal year. The meeting also reviewed the public investment program for FY2024-25 and the progress reports of ECNEC & CDWP. All provinces unanimously approved the agenda.
Prime Minister Shehbaz Sharif said the government will ensure the optimal use of current resources for the country’s development. Economic recovery and public prosperity. He stressed that federal and provincial governments and stakeholders would consult on all important financial decisions to make collectively beneficial and widely agreed upon decisions. He directed forming a committee to modernize further and activate the council, considering contemporary requirements.
The council prayed for forgiveness of Captain Muhammad Faraz Ilyas Shaheed and other soldiers martyred in a terrorist attack in Lakki Marwat yesterday and for patience for the bereaved families. Council also accorded in-principle approval to the 13th Five-Year Development Plan.
Pakistan’s Prime Minister Shehbaz Sharif has invited the Aga Khan Development Network to invest more in the tourism industry. This move follows the network’s excellent track record in various public welfare fields. Including education, health care, power generation, agriculture, information technology, etc. The Pakistani premier met with Prince Rahim Aga Khan, also Chairman AKFED Executive Committee. During a meeting five members from each side attended. Mr Sharif congratulated him on receiving the Nishan-e-Pakistan award from the Government of Pakistan. He asked for joint ventures between AKDN and Gop for renewable energy projects.
