NEC approves development budget of next fiscal year

The National Economic Council (NEC) approved the development budget for the next fiscal year 2024-25,

The council met with the prime minister in the chair while the chief ministers and other top brass were also present in the meeting that lasted for more than three hours.

The moot okayed a five-year economic plan for the next financial year, the sources said, adding that the Rs 1500 billion development budget would consist of Rs 1400 billion from the federal budget and Rs 100 billion from the public-private partnership share.

The growth rate is fixed at 3.6 percent in the next financial year which will be increased to 6 percent by 2029.

The average economic growth target for the next five years has been set at 5.1 percent.

According to the budget document, a growth target of 2 percent has been fixed for agriculture, 4.4 percent for industry, and 4.1 percent for services.

The sources said the export target for the next financial year has been set at $40.5 billion, while the import target is set at $68.1 billion.

The target for remittances from overseas Pakistani workers is estimated at $30.2 billion while the current account deficit target has been set at 3.7 percent.