Daily Times

The National Economic Council on Monday approved in principle the 13th five-year National Development Plan alongside approving the annual economic growth targets for the financial year 2024-25 and macroeconomic framework for annual plan. The meeting of the NEC, presided over by Prime Minister Shehbaz Sharif here, was briefed on the 13th five-year annual development plan. It was informed in the meeting that the key objectives of the plan include 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 NEC 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.

The prime minister emphasized that the government would ensure the best utilization of the existing resource for revival of the economy and prosperity of the people. He further said that in all important decisions regarding the economy, the federation would ensure consultation with the provinces and other stakeholders so that as a result of the collective vision for the development of the country, such decisions were made that were positive and involved the consent of all. “The National Economic Council is the biggest forum for important decisions regarding the country’s economy, which will be used for important decisions for the recovery of the economy,” he added.

The prime minister also directed the National Economic Council to set up a committee to harmonize it with the modern requirements. In consultation with the provinces and other stakeholders, the committee would formulate the proposals to not only make the council active but also to harmonize it with the modern requirements. 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 told in the meeting that the growth rate target for the upcoming fiscal year had been increased significantly. The prime minister on the occasion said that the agriculture sector was the backbone of the country’s economy, therefore consultation with the provinces for the development of the sector was very important. He directed to ensure inclusion of the provinces’ proposals regarding agriculture and other sectors in the plan. The council was also informed about the national goals for the recovery of the economy and the measures to achieve them. The meeting was told that measures such as production of export products, innovation of agriculture sector, artificial intelligence and information technology sector in line with international standards, sustainable and renewable energy, effective use of water resources, development of youth and women, effective and speedy implementation of the second phase of China Pakistan Economic Corridor (CPEC) would ensure development of the country’s economy in next five years. The review of the development budget 2023-24 and proposed development budget 2024-25 was also presented in the meeting.

The meeting was told that in the upcoming development budget, priority would be given to the projects under CPEC, the projects of foreign investment and the projects 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) from the period April 2023 to May 2024 was also presented in the meeting. Earlier in the meeting, the council also prayed to Allah Almighty to grant eternal peace to Captain Muhammad Faraz Ilyas Shaheed and other soldiers who were martyred in the terrorist attack in Lucky Marwat yesterday.