NEC approves 5-year development plan, economic growth target for FY25

• NEC approves macroeconomic framework for annual plan.
• Meeting informed about development projects for FY2023-24.
• PM Shehbaz Sharif stresses on ensuring revival of economy.

ISLAMABAD: The newly-formed National Economic Council (NEC) meeting chaired by Prime Minister Shehbaz Sharif, approved in principle the 13th five-year National Development Plan alongside the annual economic growth targets for the financial year 2024-25 and macroeconomic framework for annual plan. 

The meeting of the NEC held on Monday was briefed on the annual development plan. 

It was stated that the key objectives of the plan included development of every part of the country especially the less developed areas, increase in exports, promotion of the small and medium industry, social protection and poverty alleviation, increase in the capacity building of the work force, 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 proposed development budget 2024-25 was 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 Central Development Working Part (CDWP) and Executive Committee of 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 on 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. 

PM Shehbaz said that the agriculture sector was the backbone of the country’s economy, therefore consultation with the provinces for its development was very important. He also ordered the relevant authorities to ensure inclusion of the provinces’ proposals regarding agriculture and other sectors in the plan. 

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Khawaja Muhammad Asif, Muhammad Aurangzeb, Ahsan Iqbal and Ahad Khan Cheema.

Meanwhile, Punjab Chief Minister Marryam Nawaz Sharif, Sindh CM Murad Ali Shah, Khyber Pakhtunkhwa CM Ali Amin Gandapur, Balochistan CM Sarfaraz Khan Bugti and other provincial officials were also in attendance.