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Tuesday June 25, 2024

NEC gives go-ahead to economic growth targets for FY25

Key objectives include development of every part of Pakistan especially less developed areas, increase in exports, promotion of small and medium industries

By APP
June 11, 2024
Prime Minister Shehbaz Sharif chairs meeting of the National Economic Council (NEC) on June 10, 2024. — PID
Prime Minister Shehbaz Sharif chairs meeting of the National Economic Council (NEC) on June 10, 2024. — PID

The National Economic Council (NEC) meeting has given initial approval to the 13th five-year National Development Plan.

Additionally, the meeting, chaired by Prime Minister Shehbaz Sharif on Monday, endorsed the annual economic growth targets for the financial year 2024-25 and the macroeconomic framework for the annual plan.

The NEC meeting was briefed on the annual development plan.

It was stated that the key objectives of the plan included the development of every part of the country especially the less developed areas, increase in exports, promotion of the small and medium industries, social protection and poverty alleviation, increase in the capacity building of the workforce, and a framework to protect from the impacts of climate change.

The meeting was informed about the performance and the annual development projects for the year 2023-24 and proposals for the upcoming fiscal year 2024-25.

It was stated that the growth rate target for the upcoming fiscal year had been increased significantly.

The Council directed the planning ministry to ensure the positive role of the provinces in the national economy and to present a comprehensive framework to increase the country’s exports.

The ministry was also directed to include the provinces in the consultation process to achieve the overall economic growth target of the country.

Moreover, the NEC was briefed on the national goals for the recovery of the economy and the measures to achieve them.

The review of the development budget 2023-24 and the proposed development budget 2024-25 were also discussed in the meeting. It was stated that in the upcoming development budget, priority would be given to the projects under the China-Pakistan Economic Corridor (CPEC), those of foreign investment and the ones close to completion.

Besides, the targets of the Sustainable Development Goals (SDGs) would also be included in the development projects while the less developed areas of the country would be given priority in the development plan.

A report on the performance of the Central Development Working Part (CDWP) and Executive Committee of the National Economic Council (ECNEC) for the period April 2023 to May 2024 was also presented in the meeting.

PM urges revival of economy and prosperity

PM Shehbaz Sharif while addressing the participants of the meeting stressed ensuring the best utilisation of the existing resource for revival of the economy and prosperity of the people.

He further said that in all important decisions regarding the economy, the federation would ensure consultation with the provinces and other stakeholders so that as a result of the collective vision for the development of the country, such decisions were made that were positive and involved the consent of all.

“The National Economic Council is the biggest forum for important decisions regarding the country’s economy, which will be used for important decisions for the recovery of the economy,” he added.

The prime minister also directed the NEC to form a committee which in consultation with the provinces and other stakeholders, should formulate the proposals to not only make the council active but also to harmonise it with the modern requirements.