National Economic Council okays Rs1tr federal development budget

ISLAMABAD: Prime Minister Shehbaz Sharif chaired a crucial meeting of the National Economic Council (NEC) at the Prime Minister’s House in which a federal development budget of Rs1 trillion was approved for the next fiscal year.

According to reports, the NEC also approved a GDP growth target of 4.2 percent for the next fiscal year. Planning Commission sources have revealed that the budget allocation for the N-25 highway project in Balochistan was reduced, with the approved package now set at Rs100 billion instead of the initially proposed Rs120 billion.

Furthermore, the council approved setting an export target of $35 billion for the next fiscal year.

Chief Ministers Maryam Nawaz (Punjab), Sarfaraz Bugti (Balochistan), Ali Amin Gandapur (Khyber Pakhtunkhwa) and Murad Ali Shah (Sindh) besides representatives of the federal and provincial governments also attended the meeting.

During the meeting, the National Development Plan, Public Sector Development Program (PSDP) and macroeconomic targets were discussed in detail. Consultations were also held regarding economic growth and the targets of agriculture, industry and services sectors for the next fiscal year.

Speaking to the media after the meeting, Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur said that the budget was thoroughly considered and each province will prepare its budget based on its priorities in collaboration with the federal government.

He said that Khyber Pakhtunkhwa is getting its legitimate rights, which will benefit both the province and the federation. He also informed that a meeting on the NFC award has been scheduled for August, adding that “our province is currently in the strongest financial position.”