Budget 2011-12: NEC approves Rs730b for development budget

Finance minister says federal component to get Rs 300 billion, provinces to get Rs 430 billion.

ISLAMABAD: The National Economic Council has approved Rs 730 billion for the Public Sector Development Programme (PSDP), including allocations to provinces under the Annual Development Plans, for the 2011-12 budget, said Federal Finance Minister Dr Abdul Hafeez Shaikh on Saturday.

The meeting was chaired by Prime Minister Yousaf Raza Gilani and was held at the Prime Minister’s secretariat in Islamabad.

Shaikh, who was addressing the media after the meeting, said the federal component of the PSDP had been allocated Rs 300 billion and the provinces will get Rs 430 billion.

He said Rs 155 billion will be spent on the infrastructure of various projects. The social sector will be given Rs 122 billion in the upcoming budget.

Gilani said that the floods had inflicted a loss of Rs 855 billion to the national exchequer last year. He also said Rs 300 billion had been given to the provinces during the current fiscal year.

Pakistan Muslim League-Nawaz (PML-N) senator Ishaq Dar had boycotted the meeting reportedly over some differences with the Pakistan Peoples Party.