National Economic Council

Rs932 billion or 27% of the total national outlay will be funded by taking foreign loans

Chief ministers of all four provinces are also the constitutional members of the NEC

Article 156 of the Constitution invoked to effect the reconstitution of this 13-member council

Prime minister will be chairman of NEC while chief ministers of all provinces will be its members

NEC sets 2020-21 GDP growth target at 2.1%; development outlay reduced to 1.3tr

Council will approve macroeconomic framework for next budget

APCC proposes 2.3% GDP growth and 6.5% inflation target

Move aimed at complying with law, ensuring better resource utilisation

Says PML-N leader used funds from federal government and PSB for Narowal Sports City project

A similar council in 1997-98 had successfully shielded Malaysian economy from the Asian Financial Crisis

The plan is ambitious given that the 4% growth target is significantly above IMF’s forecast of 2.8%

Impact of a possible programme to be factored in, Gdp growth target may well be less than the achievement this year

Council also approves national development outlay of Rs1.837tr for 2019-20

Increase comes on back of continued double-digit growth in spending

Schemes not part of original development programme also get green light

Overall, the committee approves nine schemes worth Rs310b

However, it does not approve $10.4b current account deficit target

Federating units can now acquire loans equivalent to 0.85% of GDP

Nawaz addresses National Economic Council meeting in Islamabad