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Islamabad, June 09, 2023 (PPI-OT): National economic development is the first priority of our government. Prime Minister
The government is investing in the fields of education, health, modern infrastructure and technology for the country’s economic development: Prime Minister
The government is laying the foundation of Green Revolution 2.0 in Pakistan, which will make the country self-sufficient in agriculture. Prime Minister
Government is taking steps for innovation of agriculture sector, increase in production and reduction in cost per acre. Prime Minister*
Revised Development Budget (PSDP) for the financial year 2022-23 was approved.
The meeting approved the National Development Budget for the financial year 2023-24
The size of the national development budget for the next financial year will be 2709 billion rupees.
In the overall development program, the federation will spend 1150 billion rupees, of which 200 billion rupees will be public-private partnership, while 950 billion rupees will be PSDP of the federation.
The overall development budget of the provinces will be 1559 billion rupees
The development budget of Punjab will be 426 billion rupees and that of Khyber Pakhtunkhwa will be 268 billion rupees for the next four months.
Sindh’s annual development budget is 617 billion rupees, while Balochistan’s annual development budget is 248 billion rupees.
The development fund for the year 2023-24 has been increased by 17 percent compared to the current year.
A total of 1182 schemes have been included in the development budget, of which 311 are new and 871 are ongoing development schemes.
The meeting was also briefed on the 4RF project by the Federal Ministry of Planning
Under the plan, huge amount of money is being spent on reconstruction projects in flood affected areas
It is being funded by Pakistan’s development partners World Bank, Asian Development Bank and Islamic Development Bank.
Approval in principle of Pakistan Economic Outlook 2035
The National Economic Council meeting was held today in Islamabad under the chairmanship of Prime Minister Muhammad Shahbaz Sharif. Federal Ministers Syed Naveed Qamar, Ishaq Dar, Ahsan Iqbal, Maulana Asad Mehmood, Chief Minister Sindh Syed Murad Ali Shah, Chief Minister Khyber Pakhtunkhwa Azam Khan, Senator Nisar Ahmad Khoro, Advisor on Finance and Energy Khyber Pakhtunkhwa Sahidullah, Senior Minister of Balochistan were present in the meeting. And Finance Minister Noor Muhammad Dumar participated. Caretaker Chief Minister Punjab Syed Mohsin Naqvi participated in the meeting through video link.
The National Economic Council reviewed the overall economic situation of the country and made detailed consultations. While welcoming the participants of the meeting, the Prime Minister said that the provinces are the units of the federation and the prosperity of Pakistan is not possible until the provinces are prosperous. The Prime Minister further said that despite the limited economic resources, the government will fulfill the development demands of the provinces and will ensure fair and transparent distribution of resources. In this regard, a committee was formed under the chairmanship of the Minister of Planning, which will ensure that no appropriation will be made in the funds received by the provinces, but the existing resources will be distributed to all the provinces in a fair and transparent manner according to their needs. be distributed on the basis of
The Prime Minister further said that when the Muslim League-N left the government in 2018, the federal development budget was 1000 billion rupees, which was reduced to only 550 billion rupees in 2021-22. The development of the country was deliberately stopped by this criminal act. But despite the economic challenges, the present government has increased the development budget by more than 100% to 1150 billion rupees for the next year so that not only Pakistan develops but the fruits of this development can reach the common man.
The National Economic Council was told that despite the economic problems left by the previous government and the loss of 30 billion dollars to the economy due to the historic floods in Pakistan, the growth rate this year was 0.3 percent. The previous government made exports of 84 billion dollars in the financial year 2021-22, due to which the foreign exchange reserves decreased and the country’s economic problems increased sharply. It was also approved to keep the growth rate target at 3.5 percent for the next financial year. The meeting was told that this year the total investment rate in the country was 13.61%, while the target has been increased to 15% in the next financial year.
The Minister of Planning and Development briefed the participants on the 5-Es (Es) framework in the meeting, under which the focus is on export promotion, development of e (Digital) Pakistan, environment, energy and equitable Pakistan. An agenda has been set under the framework which is indispensable for Pakistan. First of all, measures will be taken to increase exports in 5A, the government’s priority is to increase exports through these five sectors, measures will be taken to increase exports through five sectors in the global market, Digital Pakistan is also among them. is a plan from Steps will be taken to provide digital facilities to the whole of Pakistan?
The National Economic Council also gave in-principle approval to “Pakistan Economic Outlook 2035”. The Ministry of Planning will prepare its vision document and strategy paper in consultation with provincial governments and other stakeholders. Due to the lack of any economic planning of the previous government, the country’s development suffered from slowness. If the country continued on the same track, the size of the country’s economy would have reached only 550 billion dollars in 2035 and the poverty rate would have reached 40%. On the contrary, the government is presenting a comprehensive plan of Transformational Growth Model. Under this plan, by achieving an annual growth rate of 6.2%, the size of Pakistan’s economy will reach 1000 billion dollars, while the poverty rate will also be reduced to 15%.
The meeting was further informed that in the development budget of 2023-24 special focus is being given on infrastructure development, social sector, climate change prevention, world class education, information technology, agriculture development and energy sector innovation and reforms. The annual program report of CDWP and ECNEC from April 2022 to March 2023 was also approved in the meeting.
The meeting approved a 145% increase in the budget of the Higher Education Commission for the promotion of international standard higher education in the country. With this, the budget for higher education has reached a total of 60 billion rupees, for which the previous government had allocated only 24 billion rupees in 2021-22. Apart from this, Prime Minister’s special initiatives for the youth at a cost of 80 billion rupees, including provision of easy loans to the youth for business, establishment of Pakistan Education Endowment Fund, IT start-ups, laptop scheme, training program to teach skills to the youth and Venture capital promotion program included, approved.
The National Economic Council was also briefed on the National Energy Saving Plan, which has already been approved by the Federal Cabinet. The participants of the meeting were told that by following these recommendations, in a short period of time, it will be possible to save 10-15%, i.e. more than one billion dollars, in the fuel import bill alone. On this occasion, the Provincial Governments were requested to play their role in the implementation of various aspects of the National Savings Plan and to contribute fully to this national duty.
For more information, contact:
Prime Minister’s Office
Islamic Republic of Pakistan
Email: info@pmo.gov.pk
Website: https://www.pmo.gov.pk/