NEC Approves Five-Year Economic Plan Targeting 5.1% Growth

Development plans for the four provinces are collectively budgeted at Rs1,560bln

Jun 11, 2024 - 09:38 Updated: Jun 11, 2024 - 09:39

NEC Approves Five-Year Economic Plan Targeting 5.1% Growth

Islamabad: The National Economic Council (NEC) gave the green light on Monday to an expansive economic strategy and "ambitious objectives" for the forthcoming fiscal year 2024-25.

Under the leadership of Prime Minister Shehbaz Sharif, the meeting, attended by chief ministers and other top officials, extensively discussed key economic and budgetary matters before finalizing the plan.

Spanning over three and a half hours, the council's discussions revolved around critical economic and budgetary matters culminating in the approval of an all-encompassing National Development Plan. This plan comes with a significant allocation of Rs 3,060 billion, covering both federal and provincial development initiatives.

The federal development program is specifically allocated Rs 1,500 billion, with an additional Rs 100 billion designated for projects under public-private partnerships. Collectively, the development plans for the four provinces are budgeted at Rs 1,560 billion.

In addition to the annual budget, the NEC endorsed a five-year economic framework. The Rs 1,500 billion development budget for the fiscal year 2024-25 is deemed pivotal, with Rs 100 billion of this sum allotted for public-private partnership projects.

The target for economic growth rate has been set at 3.6% for the next fiscal year.

As per the meeting's document, the NEC aims for an overall economic growth rate of 5.1% over the next five years. Sector-specific targets include a 2% growth rate in agriculture and a 4.4% growth rate in the industrial sector for the upcoming fiscal year.