The National Economic Council (NEC) approved on Monday an extensive economic plan and "ambitious targets" for the upcoming financial year 2024-25.
The huddle chaired by Prime Minister Shehbaz Sharif was attended by chief ministers and other high-ranking officials.
Throughout more than three and a half hours, the council deliberated on key economic and budgetary issues before finalizing the plan.
The approved economic plan includes a comprehensive National Development Plan with a substantial allocation of Rs 3,060 billion, covering both federal and provincial development initiatives.
Specifically, the federal development program is earmarked at Rs1,500 billion, with an additional Rs100 billion set aside for projects under public-private partnerships. The development plans for the four provinces are collectively budgeted at Rs1,560 billion.
In addition to the annual budget, the NEC has also sanctioned a five-year economic framework. For the financial year 2024-25, the development budget of Rs1,500 billion will play a crucial role, with Rs100 billion of this allocated for public-private partnership ventures.
The economic growth rate target has been set at 3.6% for the next fiscal year.
According to the document presented during the meeting, 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.
