As preparations for the budget of the new financial year are underway, the Annual Plan Coordination Committee is set to convene on May 31 to deliberate on crucial aspects of the upcoming fiscal plan.

The meeting is aimed at approving the annual macroeconomic plan and development program, laying the foundation for the country's economic agenda in the coming year.

The Ministry of Planning has prepared two proposals for the Public Sector Development Programme (PSDP), outlining the financial requirements of Rs2,441 billion for 1,370 development projects. The first proposal demands Rs1,172 billion for 248 projects, while the second proposal seeks Rs1,500 billion for 628 projects.

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Additionally, a plan to allocate Rs769 billion for projects under foreign funding was discussed, with a focus on prioritizing the completion of projects that are 80% complete.

Sources in the Planning Ministry say that in a bid to address the country's development needs comprehensively, the coordination committee has proposed allocating Rs71 billion for new development projects and earmarking Rs328 billion for ongoing projects.

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Furthermore, the sources said it has been estimated that Rs200 billion will be acquired through public-private partnerships, while Rs108 billion will be allocated for non-specific projects.

The Ministry of Finance will allocate the development budget taking into account the financial capacity of the government and prioritizing key areas for investment. Furthermore, a GDP growth target of 3.7% and an inflation target of 11.8% have been proposed for the next financial year.

The meeting also discussed the approval of the National Development Outlay, underscoring the government's commitment to fostering economic growth and development across various sectors.