Friday May 19, 2017
ISLAMABAD: The National Economic Council, headed by Prime Minister Nawaz Sharif, finalised the development budget of financial year 2017/18 on Friday.
Addressing the participants of the meeting, PM Sharif said development [of the country] should not be politicised as it is for the prosperity of every citizen.
The PM added that the federal and provincial governments are working in harmony for the country’s development and should continue on this path.
"Pakistan is now among the fastest growing economies of the world," the prime minister stated.
The prime minister said during the recent Belt and Road Forum in China, all the chief ministers accompanied him which showed the world that Pakistan unanimously stands for development.
Talking about power issues, he said the government is also focusing on a balanced mix of sources for energy including LNG, coal, hydel, solar and wind, he stated.
Describing infrastructure as key to development, Sharif said the government is concentrating on establishing roads and communication networks.
He also informed that the present government has increased the provincial share in the Public Sector Development Programme (PSDP) for the next financial year three times more as compared to that in 2012-13. He said that FATA, Kashmir and Gilgit-Baltistan are as important to the federal government as all other provinces.
Growth rate set at 6%
According to sources, the federal development budget has been set at Rs1,001 billion and the provinces' development budget at Rs1,112 billion.
Moreover, the upcoming year's growth rate has been set at 6% of the Gross Domestic Product (GDP).
Pakistan's economic indicators have significantly improved and this is acknowledged by international financial rating institutions, said the premier, adding that the GDP growth rate of 5.28% for the current financial year is commendable.
The prime minister of Azad Jammu and Kashmir, chief ministers of Punjab, Sindh, Khyber-Pakhtunkhwa, Balochistan and Gilgit-Baltistan were in attendance, besides the KP governor and the relevant federal and provincial ministers.