ISLAMABAD: The National Economic Council (NEC) has approved a federal development budget of Rs 1,000 billion for the upcoming fiscal year. The council also endorsed a GDP growth target of 4.2% for the next year.
Under the chairmanship of Prime Minister Shehbaz Sharif, the National Economic Council (NEC) meeting was attended by Punjab Chief Minister Maryam Nawaz, Balochistan Chief Minister Sarfraz Bugti, Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, and Sindh Chief Minister Murad Ali Shah.
According to Planning Commission sources, the budget allocation for the N-25 project in Balochistan has been reduced. A package worth Rs 100 billion has been approved for N-25 instead of the earlier proposed Rs 120 billion.
The NEC has also approved an export target of $35 billion for the upcoming fiscal year.
In the upcoming meeting of the Council of Common Interests (CCI), the issues of the National Finance Commission (NFC) and tobacco taxation are expected to be resolved.
During the National Economic Council (NEC) meeting, participants reviewed the National Development Plan, the Public Sector Development Programme (PSDP), and macroeconomic goals. Consultations were held on approving targets for economic growth, agriculture, industry, and the services sector for the upcoming fiscal year.
Speaking to the media after the meeting, Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur said the session focused on budget discussions.
“Each province and the federal government will prepare the budget according to their respective interests,” he stated.
He added that Khyber Pakhtunkhwa is receiving its rightful share. “Once our rights are granted, both the federation and the province will benefit,” he said, noting that a meeting on the NFC Award has been scheduled for August.
“Our province is currently in the strongest economic position,” Gandapur asserted.
