Federal Budget

National Economic Council sets 3.5pc growth target

National Economic Council sets 3.5pc growth target

Business

Federal PSDP stands at Rs950bn

ISLAMABAD (Dunya News) – The National Economic Council (NEC) on Tuesday set a GDP growth rate target of 3.3 per cent and approved the annual development programme with the total volume standing at Rs2,709 billion for upcoming 2023-24 budget.

As Prime Minister Shehbaz Sharif chaired the NEC meeting, it was decided, according to the sources, that the Centre would spend Rs950 billion under the PSDP (Public Sector Development Programme).

On the other hand, the proposed total outlay for the provinces development programme stands at Rs1,559 billion.

Meanwhile, another allocation of Rs250 billion has been approved under public-private partnership for executing development projects across the country.

Under Article 156 of the Constitution, the NEC is headed by the prime minister as its chairman while the provincial chief ministers are among the members. Meanwhile, there are eight nominated persons too – one each from the four provinces and four from the federal side.

The nominations from the federal and provincial sides are made from time to time for reconstituting one of the top constitutional bodies, which regulates the financial affairs among the Centre and the provinces.

The NEC is responsible for reviewing the overall economic condition of the country as well as advising the federal and provincial governments, and formulating plans in respect of financial, commercial, social and economic policies.

Moreover, the Article 156 also reads that “and in formulating such plans it shall, amongst other factors, ensure balanced development and regional equity and shall also be guided by the Principles of Policy set out in Chapter 2 of Part-II” [of the Constitution].