ISLAMABAD – Prime Minister Shehbaz Sharif chaired a key session of the National Economic Council (NEC) at the Prime Minister House, where a federal development budget of Rs 1 trillion was approved for the upcoming fiscal year.
According to reports, the NEC also approved a GDP growth target of 4.2% for the next financial year. Sources from the Planning Commission revealed that the budget allocation for the N-25 highway project in Balochistan was reduced, with the approved package now set at Rs 100 billion instead of the initially proposed Rs 120 billion.
Additionally, the council approved setting an export target of $35 billion for the upcoming fiscal year.
Chief Ministers Maryam Nawaz (Punjab), Sarfraz Bugti (Balochistan), Ali Amin Gandapur (Khyber Pakhtunkhwa), and Murad Ali Shah (Sindh) attended the meeting, along with representatives from the federal and provincial governments.
During the session, detailed discussions were held on the national development plan, the Public Sector Development Programme (PSDP), and macroeconomic targets. Consultation also took place regarding economic growth, and sectoral targets for agriculture, industry, and services for the next fiscal year.
Speaking to the media after the meeting, Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur said the budget was discussed thoroughly, and each province, along with the federal government, will prepare its budget based on its own priorities.
He stated that Khyber Pakhtunkhwa is receiving its due rights, and this will benefit both the province and the federation. He also shared that a meeting on the NFC Award has been scheduled for August, adding that “our province is currently in the strongest financial position.”
