PM Shehbaz chairs NEC meeting ahead of federal budget 2024-25
ISLAMABAD: The National Economic Council (NEC) approved in principle the 13th five-year National Development Plan alongside approving the annual economic growth targets for the financial year 2024-25 and the macroeconomic framework for the annual plan, state-run APP reported.
The Council’s meeting chaired by Prime Minister Shehbaz Sharif was held in Islamabad, which was briefed on the 13th five-year annual development plan.
It was informed in the meeting that the key objectives of the plan include the development of every part 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.
The prime minister emphasized that the government would ensure the best utilization of the existing resources for the revival of the economy and prosperity of the people.
He further said that in all important decisions regarding the economy, the Federation would ensure consultation with the provinces and other stakeholders so that as a result of the collective vision for the development of the country, such decisions were made that were positive and involved the consent of all.
“The National Economic Council is the biggest forum for important decisions regarding the country’s economy, which will be used for important decisions for the recovery of the economy,” he added.
The prime minister also directed the National Economic Council to set up a committee which in consultation with the provinces and other stakeholders, should formulate the proposals to not only make the Council active but also to harmonize it with the modern requirements.
The meeting was informed about the performance and the annual development projects for the year 2023-24 and proposals for the upcoming fiscal year 2024-25. It was told in the meeting that the growth rate target for the upcoming fiscal year had been increased significantly.
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The prime minister on the occasion said that as the agriculture sector was the backbone of the country’s economy, therefore consultation with the provinces for its development was very important. He directed to ensure the inclusion of the provinces’ proposals regarding agriculture and other sectors in the plan.
NEC approves Rs3.8tr outlay for fiscal year 2024-25
The National Economic Council (NEC) on Monday approved an indicative national development outlay of Rs3.792 trillion for the Fiscal Year 2024-25 and 13th Five-Year Plan to increase the GDP growth rate to 3.6pc and inflation at 12pc during the FY 2024-25.
The national development outlay has been enhanced by over 40 percent (Rs 1.083 trillion) from the original Rs 2.709 trillion, approved by the NEC for the ongoing fiscal year 2023-24, to Rs 3.792 trillion in the upcoming FY 2024-25.
وزیرِ اعظم محمد شہباز شریف کی زیرِ صدارت قومی اقتصادی کونسل کا اجلاس آج اسلام آباد میں منعقد ہوا۔
— Government of Pakistan (@GovtofPakistan) June 10, 2024
کونسل کو 2023-24 کے سالانہ ترقیاتی منصوبے و کارکردگی اور 2024-25 کے مجوزہ ترقیاتی منصوبوں کے بارے میں آگاہ کیا گیا۔
”قومی اقتصادی کونسل ملکی معیشت کے حوالے سے اہم فیصلوں کا سب سے… pic.twitter.com/GHrYHZuU2N
Moreover, the NEC meeting approved a more than 47pc increase in the federal Public Sector Development Programme (PSDP) to Rs1.4tr compared to the current year’s Rs950bn.
NEC discusses national goals for recovery of economy
The Council was also briefed about the national goals for the recovery of the economy and the development of the country and the measures to achieve them.
The meeting was told that measures such as the production of export products, innovation of the agriculture sector, artificial intelligence and information technology sector in line with international standards, sustainable and renewable energy, effective use of water resources, development of youth and women, effective and speedy implementation of the second phase of China Pakistan Economic Corridor (CPEC) would ensure development of the country’s economy in next five years.
The review of the development budget 2023-24 and the proposed development budget 2024-25 was also presented in the meeting. It was said that in the upcoming development budget, priority would be given to the projects under CPEC, those of foreign investment, and the ones close to completion.
Besides the targets of the Sustainable Development Goals (SDGs) would also be included in the development projects while the less developed areas of the country would be given priority in the development plan.
A report on the performance of the Central Development Working Part (CDWP) and Executive Committee of the National Economic Council (ECNEC) for the period April 2023 to May 2024 was also presented in the meeting.
Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers Khawaja Muhammad Asif, Muhammad Aurangzeb, Ahsan Iqbal and Ahad Khan Cheema, Punjab Chief Minister Maryam Nawaz Sharif, Sindh CM Syed Murad Ali Shah, Khyber Pakhtunkhwa CM Ali Amin Gandapur, Balochistan CM Sarfaraz Khan Bugti, Punjab Minister Marryum Aurangzeb, Sindh Minister Jan Khan Shoro, Advisor to the KP CM Muzamil Aslam, Balochistan Minister Zahoor Ahmed Buledi, State Bank of Pakistan Governor Jameel Ahmed and relevant high officers participated in the meeting.
