NEC approves Pakistan’s largest national development budget

The National Economic Council (NEC), under the leadership of Prime Minister Shehbaz Sharif, has approved the largest national development budget in Pakistan's history.
During a meeting held in Islamabad, the NEC sanctioned a monumental development budget of 15 trillion rupees. Of this, 1.4 trillion rupees will be allocated federally, while 100 billion rupees will be sourced through public-private partnerships.
Sources revealed that the meeting reviewed the annual plan for the fiscal year 2023-24 and, after a detailed consideration of the five-year plan, approved the annual plan for 2024-25.
Under the new five-year plan, the council set ambitious targets: an economic growth rate of 3.6 percent for the next fiscal year and an average growth rate of 5.1 percent over the next five years, aiming for a 6 percent growth by fiscal year 2029.
The approved targets for the next fiscal year include a 2 percent growth in agriculture, 4.4 percent in industrial growth, and 4.1 percent in the service sector. Additionally, the export target has been set at $40.5 billion.
The import target for the next fiscal year stands at $68.1 billion, with remittances from overseas Pakistanis expected to reach $30.2 billion. The council also approved a current account deficit target of 3.7 percent for the upcoming fiscal year.
Public investment plans for the fiscal year 2024-25 were also discussed. The meeting reviewed the progress of the Executive Committee of the National Economic Council (ECNIC) and the Central Development Working Party, concluding with the unanimous approval of the agenda by all provinces.
This unprecedented budget marks a significant step towards economic growth and development, setting the stage for a prosperous future for Pakistan.