PM-led NEC meeting discusses investments and future plans

The 13-member committee's objective is to attain a 3.6% growth rate along with approval of a five-year plan

KARACHI:

The newly constituted National Economic Council (NEC) convened a meeting on Monday, under the leadership of Prime Minister Shehbaz Sharif, to review ongoing projects, future investments, and targets for the upcoming fiscal year.

The meeting will review the progress report of the Executive Committee of the National Economic Council (ECNEC) and the Central Development Working Party (CDWP).

In the meeting, the annual plan for FY 2024-25 will be approved and the one for the prior FY will be reviewed. It is also expected to consider the 13th five-year plan (2024-29) and approve it for implementation.

The 13-member committee's objective is to attain a 3.6 percent growth rate, aligning with the planning division's effort to raise next year's federal Public Sector Development Programme to Rs1.5 trillion.

This marks an increase from the Rs1.22 trillion suggested by the Annual Plan Coordination Committee (APCC) the previous week.

The committee includes four provincial chief ministers, four federal ministers (responsible for foreign affairs, defense, finance, and planning), and four provincial cabinet members representing their respective provinces.

President Asif Ali Zardari on June 8 constituted the NEC aimed at enabling the coalition government to approve the new fiscal year’s development budget and macroeconomic framework.

For the outgoing fiscal year, the government had diverted the funds meant for the equal regional development towards financing the hydropower projects and the country’s space mission.

Under the constitution, the PM held the authority to nominate four members in the NEC. Shehbaz Sharif nominated Mohammad Ishaq Dar, Deputy Prime Minister and Foreign Minister; Khawaja Muhammad Asif, Minister for Defense; Muhammad Aurangzeb, Minister for Finance and Ahsan Iqbal Chaudry, Minister for Planning, Development& Special Initiatives as the members of the NEC.

Every provincial chief minister also has the constitutional mandate to appoint one member on the NEC. From Punjab, Marriyum Aurangzeb, Senior Minister for Planning & Development has been appointed as the NEC member.