The National Economic Council (NEC) has approved a Rs 1,000 billion federal development budget and set a GDP growth target of 4.2% for the upcoming fiscal year, with key focus areas including infrastructure, exports, and economic reforms.
Top Leaders Approve Key Economic Targets
Chaired by Prime Minister Shehbaz Sharif, the NEC meeting included the chief ministers of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan. The forum reviewed Pakistan’s macroeconomic strategy and approved targets for agriculture, industry, and services sectors under the new National Development Plan and Public Sector Development Programme (PSDP).
N-25 Project Sees Budget Cut
According to Planning Commission sources, the funding for the N-25 highway project in Balochistan has been trimmed. Instead of the earlier proposed Rs 120 billion, the NEC approved Rs 100 billion for the project. Meanwhile, an export target of $35 billion has been set for the new fiscal year to boost foreign earnings.
NFC and Tax Issues on CCI Agenda
Issues concerning the National Finance Commission (NFC) award and tobacco taxation are expected to be discussed and potentially resolved in the upcoming Council of Common Interests (CCI) meeting.
Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, speaking to the media after the NEC meeting, confirmed that an NFC Award meeting is scheduled for August. He also reaffirmed that KP is receiving its rightful share in the federal budget.
Provinces to Tailor Budgets to Local Needs
Gandapur stated that each province, along with the federal government, will frame their budgets based on individual economic interests. He expressed confidence in KP’s financial health, saying, “Our province is currently in the strongest economic position.”
