NEC approves Rs1,500bn development budget for FY 2024-25

ISLAMABAD: The National Economic Council (NEC) has sanctioned a development budget of Rs1500 billion for the financial year 2024-25.

The approval came during a council meeting chaired by Prime Minister Shehbaz Sharif, which was also attended by all four chief ministers and other high-ranking officials.

According to the documents, the NEC plans to allocate Rs100 billion of the total development budget through public-private partnerships.

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This move aims to enhance collaboration between the public sector and private enterprises, fostering economic growth.

In addition to the budget approval, the NEC has set an average economic growth target of 5.1 per cent over the next five years.

Specific targets oftwo per cent growth in agriculture, 4.4 per cent in industrial sector and 4.1 per cent growth in services sector growth has been set in the upcoming financial year.

The NEC also outlined ambitious trade targets, aiming for exports to reach $40.5 billion and imports to be capped at $68.1 billion.

The remittance target from overseas Pakistanis has been set at $30.2 billion, while the current account deficit is projected to be 3.7 per cent.

These targets reflect the government’s commitment to bolstering economic stability and growth in the forthcoming fiscal year.