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.