The announcement of the National Economic Council meeting chaired by Prime Minister Shehbaz Sharif was released.
According to the announcement, the revised development budget for the financial year 2022-23 was approved, this year the federal PSDP was 714 billion, the provincial development budget was 1598 billion rupees.
In the meeting, the national development budget for the fiscal year 2023-24 was approved, the size of which will be 2709 billion rupees, while in the overall development program, the Federation PSDP will spend 1150 billion rupees.
According to the declaration, 200 billion rupees will be Public Private Partnership, 950 billion rupees will be PSDP of the Federation.
According to the declaration, the overall development budget of the provinces will be 1559 billion rupees, the development budget of Punjab for the next 4 months will be 426 billion rupees.
According to the declaration, the budget of Khyber Pakhtunkhwa for the next 4 months will be 268 billion rupees, while the annual development budget of 617 billion rupees was approved for Sindh.
According to the declaration, 248 billion rupees have been approved for the annual development budget for Balochistan, the development fund for the year 2023-24 has been increased by 17%.
According to the announcement, a total of 1182 schemes have been included in the development budget, of which 311 are new and 871 are ongoing development schemes.
In the meeting, the Federal Ministry of Planning gave a briefing on the flood power project, in which it was stated that huge amount of money is being spent on the reconstruction projects in the flood affected areas.
According to the announcement, funding is being done by World Bank, Asian Development Bank and Islamic Development Bank.
During the meeting, the National Economic Council reviewed the overall economic situation of the country. On this occasion, Prime Minister Shahbaz Sharif said that the provinces are federal units.
He said that the prosperity of Pakistan is not possible until the provinces are prosperous, despite the limited economic resources, the government will fulfill the development demands of the provinces.
The Prime Minister further said that the federal government will ensure fair and transparent distribution of resources, a committee has been formed under the chairmanship of the Minister of Planning on fair distribution of resources.
According to the announcement, the National Economic Council approved the 0.3 percent growth rate achieved this year, and also approved setting the growth rate target at 3.5 percent for the next financial year.
In the briefing given to the meeting, it was stated that last year the total volume of the country’s economy was recorded at 847 trillion rupees, while the investment rate was 13.61 percent.
In the briefing, it was informed that its target has been increased to 15% in the next financial year.
The meeting also approved the Pakistan Economic Outlook 2035, the Ministry of Planning will prepare a strategy paper in consultation with provinces and other stakeholders.
According to the statement, the meeting also approved the special measures of the Prime Minister at a cost of 80 billion rupees.
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