On Monday, the National Economic Council (NEC) to approve about Rs2.135 trillion worth of next year’s consolidated development budget (FY2021-22) of the federal and provincial governments.
almost 61 per cent higher than the current year’s development allocation of Rs1.324tr.
The country’s highest constitutional forum on economic decision-making will also set next fiscal year’s GDP growth rate target at 4.8pc against the current year’s revised rate of 3.94pc. The next year’s growth target of 4.8pc is premised to be achieved through 3.4pc growth in agriculture, 6.8pc in industry, including 6.2pc manufacturing, and 4.7pc in the services sector.
Prime Minister Imran Khan will preside over the meeting of the NEC whose members include four provincial chief ministers and as many federal and provincial ministers. The prime minister of Azad Jammu & Kashmir, the chief minister of Gilgit-Baltistan and the governor of Khyber Pakhtunkhwa will also attend the NEC meetings, even though they are not formal members.
The federal Public Sector Development Programme (PSDP) for FY2021-22 already recommended by the Annual Plan Coordination Committee (APCC) for NEC’s approval stands at Rs900bn, compared to Rs650bn for the current fiscal year, showing an increase of 38.5pc. The PSDP for FY2021-22 also included Rs101bn foreign funding in the shape of loans and grants.