NEC has approved PSDP as the main economic targets for the next financial year.
ISLAMABAD – The National Economic Council (NEC) chaired by Prime Minister Shehbaz Sharif has approved the main economic targets along with the Annual Development Program (ADP) for the next financial year.
The meeting was attended by the Chief Ministers of Sindh, Khyber Pakhtunkhwa and Balochistan while Punjab was represented by Senior Minister Maryam Aurangzeb.
Addressing the NEC meeting, Prime Minister Shehbaz Sharif said that consultations with the provinces on the budget had been going on for several weeks. He said discussions were also held with the provinces on generating additional financial resources, stressing that mobilizing maximum resources was the top priority.
The Prime Minister said that resources are needed to tackle the challenge of terrorism and ensuring adequate funding for defense is also a top priority.
He said that the national economy is facing major challenges, but decisions were made in the best national interest through teamwork. He added that due to regional tensions, global oil prices had increased, but provincial cooperation remained strong and the macroeconomic situation was now stable.
Shahbaz Sharif said that providing employment, increasing exports, economic improvement and increasing production are collective responsibilities. He added that efforts were made to stay on track with the IMF program despite difficulties.
The Prime Minister further said that the government has provided Rs 128 billion relief to the people in petroleum prices, ensuring availability of fuel in Pakistan despite shortages in other countries. He said that timely initiatives helped to meet public expectations and were achieved through teamwork.
Federal Minister for Planning Ahsan Iqbal said that NEC has approved the Public Sector Development Program (PSDP), its size has been set at Rs 1,000 billion for the next financial year.
Meanwhile, the Economic Survey for the outgoing financial year will be released after 2 pm tomorrow, which will present the government’s economic performance scorecard for 2025-26, sources said.
According to the sources, the government has once again failed to meet most of the economic targets. GDP growth is estimated at 3.7 percent against the target of 4.2 percent, with international institutions including the IMF, World Bank and ADB predicting lower growth.
Per capita income targets were also missed. It was set at Rs 560,803 but is expected to settle at Rs 533,629, while in dollar terms it gained $150 to $1,901.
Agriculture and industrial sectors also fell short of the targets. Agriculture grew by 2.89 percent against the target of 4.5 percent, while industrial growth stood at 3.51 percent against the target of 4.30 percent. However, the services sector is expected to slightly outperform its target, growing at 4.09 percent against the target of 4 percent.
Inflation averaged 7 percent over the 11 months, against the target of 7.5 percent, while it reached 11.66 percent in May.
The post NEC has approved PSDP, the main economic targets for the next financial year appeared first on Daily Pakistan English News.
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