The National Economic Council (NEC) meeting, chaired by Prime Minister Shehbaz Sharif, has given its initial approval to the 13th five-year National Development Plan. This approval also encompasses the annual economic growth targets for the financial year 2024-25 and the macroeconomic framework for the annual plan. Furthermore, the meeting was briefed on the annual development plan, which aims to focus on the development of all regions, especially the less developed areas, while also emphasizing increasing exports, promoting small and medium industries, social protection, poverty alleviation, capacity building of the workforce, and addressing the impacts of climate change.
Additionally, the meeting included discussions on the performance and the annual development projects for the year 2023-24, along with proposals for the upcoming fiscal year 2024-25, which highlighted a significant increase in the growth rate target.
The Council directed the planning ministry to ensure the active participation of the provinces in the national economy and to present a comprehensive framework to boost the country’s exports, with an emphasis on including the provinces in the consultation process to achieve the overall economic growth target of the country.
Furthermore, the NEC was briefed on the national goals for the recovery of the economy and the measures to achieve them, while also discussing the development budget for 2023-24 and the proposed development budget for 2024-25, which prioritizes projects under the China-Pakistan Economic Corridor (CPEC), foreign investment, and those nearing completion. Additionally, the goals of the Sustainable Development Goals (SDGs) will be integrated into the development projects, with special attention given to the less developed areas of the country.
A report on the performance of the Central Development Working Part (CDWP) and Executive Committee of the National Economic Council (ECNEC) for the period April 2023 to May 2024 was also presented at the meeting.
Addressing the participants of the meeting, PM Shehbaz Sharif stressed the importance of utilizing existing resources effectively for the revival of the economy and the prosperity of the people. He emphasized the need for consultation with the provinces and other stakeholders in all important decisions regarding the economy, highlighting the significance of a collective vision for the overall development of the country leading to positive decisions with the consent of all. PM Shehbaz Sharif also directed the NEC to form a committee aimed at formulating proposals in consultation with the provinces and other stakeholders to make the council more active and aligned with modern requirements.
