The National Economic Council (NEC) of Pakistan has approved a substantial development budget of Rs. 3.5 trillion for the fiscal year 2024-25, targeting a growth rate of 3.6%. This budget, significantly higher than the previous year’s allocation, underscores the government’s commitment to stimulating economic growth and development.
NEC Approves Rs3.5tr Budget for federal and provincial development projects, marking a substantial increase of 24% over the previous year’s budget. This substantial allocation aims to bolster the country’s infrastructure, healthcare, and educational sectors.
The government has set an ambitious growth rate target of 3.6% for the upcoming fiscal year. A significant focus is on the agricultural sector, which is projected to grow by 2%, reflecting the government’s strategy to enhance food security and rural development.
Federal Public Sector Development Programme (PSDP): The budget allocates Rs. 1.4 trillion for the PSDP, which is a remarkable 47% increase from the previous year’s budget. This increase is aimed at accelerating various federal development projects.
Ministry of National Food Security and Research: This ministry receives Rs. 41 billion, a significant 360% increase over the current year’s allocation, highlighting the government’s focus on enhancing agricultural productivity and food security.
The NEC Approves Rs3.5tr Budget a comprehensive five-year economic framework along with the fiscal year 2024-25 annual economic plan. This framework sets out targets for key economic indicators such as exports, imports, and remittances, aiming to stabilize and strengthen the national economy.
This approved budget is a testament to the government’s proactive approach to addressing Pakistan’s economic challenges, including a high current account deficit and persistent inflation. The increased allocation for the PSDP is expected to drive various development initiatives across the nation, significantly impacting infrastructure, healthcare, and education sectors.
The National Economic Council’s approval of the Rs. 3.5 trillion development budget for 2024-25 marks a pivotal step towards enhancing Pakistan’s economic growth and development. With a strategic focus on agriculture and infrastructure development, the budget is poised to positively influence the country’s economic landscape and future prospects.
This comprehensive plan reflects the government’s dedication to overcoming economic hurdles and fostering sustainable development, setting a robust foundation for the nation’s growth in the coming years.
