Pakistan
National Economic Council Approves Development Plans for FY25
National Economic Council (NEC), has greenlit a comprehensive development agenda for the upcoming fiscal year 2025.
With a staggering federal Public Sector Development Programme (PSDP) worth Rs. 1.4 trillion and a national development budget outlay totaling Rs. 3.5 trillion, including Rs. 2.1 trillion for provincial annual development plans, the council aims to chart a path towards sustainable growth and prosperity.
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During the meeting chaired by Prime Minister Shehbaz Sharif, the NEC set ambitious targets, including a growth rate target of 3.6 percent for FY25, coupled with an inflation target of 12 percent.
Additionally, a five-year annual development plan was approved, with a pivotal objective of elevating exports of goods and services to a noteworthy $63 billion by the year 2029.
The 13th five-year annual development plan, presented during the session, outlines key focus areas crucial for the holistic development of the nation.
These encompass a strategic emphasis on uplifting all regions, particularly the less developed areas, fostering growth in exports, nurturing the small and medium industry sector.
Similarly, implementing social protection measures, poverty alleviation initiatives, enhancing workforce capacity, and establishing frameworks to mitigate the impacts of climate change.
Acknowledging the imperative role of provincial cooperation in driving national economic progress, the NEC directed the planning ministry to orchestrate a collaborative effort ensuring active participation from all provinces.
The ministry was tasked with formulating a comprehensive framework aimed at amplifying the country’s export potential, with an emphasis on engaging provincial stakeholders in the consultation process to realize the overarching economic growth targets.
In a show of solidarity and commitment to economic reform, all four provincial chief ministers pledged their unwavering support for the IMF program, including the provision of cash surpluses equivalent to 1 percent of the GDP.
