The National Economic Council (NEC) on Monday approved Rs. 1.4 trillion worth of federal Public Sector Development Programme (PSDP) along with a national development budget outlay of Rs. 3.5 trillion (Rs. 2.1 trillion provincial annual development plans).
The council, headed by Prime Minister Shehbaz Sharif, also approved a growth rate target of 3.6 percent for the upcoming fiscal year (FY25), while the inflation target was set at 12 percent.
The NEC also approved a five-year annual development plan including a target to increase exports of goods and services to $63 billion by 2029.
The meeting was briefed on the 13th five-year annual development plan. It was informed that the key objectives of the plan include the development of every area of the country especially the less developed areas, increase in exports, promotion of the small and medium industry, social protection and poverty alleviation, increase in the capacity building of the workforce, and a framework to protect from the impacts of climate change.
The NEC directed the planning ministry to ensure the positive role of the provinces in the national economy and to present a comprehensive framework to increase the country’s exports. The ministry was also directed to include the provinces in the consultation process to achieve the overall economic growth target of the country.
During the meeting, all four provincial chief ministers assured the premier of their province’s support for the IMF program, including providing cash surpluses equal to 1 percent of the GDP.
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