NEC Approves Rs. 1 Trillion Federal Development Budget Under PM Shehbaz Sharif’s Leadership

ISLAMABAD: The National Economic Council (NEC), chaired by Prime Minister Shehbaz Sharif, has approved a federal development budget of Rs. 1 trillion for the upcoming fiscal year.
According to reports, the NEC also set a GDP growth target of 4.2% for the next fiscal year. Planning Commission sources revealed that budgetary cuts have been made to the N-25 project in Balochistan, with the allocation reduced from Rs. 120 billion to Rs. 100 billion. Furthermore, the council approved an export target of $35 billion.
The NEC meeting was held at the Prime Minister’s House in Islamabad and was attended by Punjab Chief Minister Maryam Nawaz, Balochistan Chief Minister Sarfraz Bugti, Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, and Sindh Chief Minister Murad Ali Shah. Representatives from both federal and provincial governments were also present.
During the session, discussions were held on setting macroeconomic targets, the national development plan, and the Public Sector Development Programme (PSDP). The council also reviewed goals for agriculture, industry, and the services sector in the new fiscal year.
Speaking to the media after the meeting, KP Chief Minister Ali Amin Gandapur stated that each province and the federal government would prepare budgets based on their own priorities. He added that Khyber Pakhtunkhwa is receiving its due rights, which will benefit both the province and the federation. He also announced that an NFC Award meeting is scheduled for August, asserting that KP is currently in the strongest economic position among the provinces.