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NEC approves annual targets for next fiscal year

National Economic Council has approved the annual targets for next fiscal year including the economic growth target set at five percent along with the commitment to make efforts to raise it to 6 percent.

The Council at a meeting presided over by Prime Minister Muhammad Shehbaz Sharif in Islamabad also approved various sectors’ growth targets for the new fiscal year including agriculture 3.9 percent, industries 5.9 percent and services 5.1 percent.

The meeting also approved the Macro-Economic Framework for Annual Plan 2022-23.

The proposed allocation of 800 billion rupees for Public Sector Development Plan for the next fiscal was also approved by the Council.

The Council unanimously decided that 60 percent of the development budget would be spent on the on-going projects, while the remaining 40 percent would be spent on the new development schemes.

The Prime Minister, on this occasion, said since the forum of NEC reflects national unity, its basic objective is to boost national harmony for strengthening the federation through coordinated efforts.

He said the present government inherited an economy faced with instable fiscal situation as well as the severe challenges of external sector, inflation, unemployment, poverty and instability.

He said the present government’s development framework is focused on social welfare, protection of water resources, agriculture, climate change, knowledge economy and benefitting from economic potential through regional equality.

The Prime Minister said special projects should be initiated for the development of backward areas including the districts of Balochistan.

Source: Radio Pakistan