National Economic Council approves development plans for next fiscal year

Prime Minister Imran Khan chaired a meeting of the National Economic Council (NEC), approved national development plans for the next financial year.

According to the statement issued after the NEC meeting in Islamabad, economic targets for the next financial year were set and in the next financial year, the country’s development projects will consist of Rs 1324 billion, while Rs 650 billion will be allocated for federal development projects.

The statement said that the development plan of the provinces will consist of Rs 674 billion.

The meeting reviewed the state of the economy during the current financial year 20-2019 and the outlook for the financial year 20-2020.

The meeting appreciated the steps taken by the government to revive the economic system and protect the poor in particular from the negative effects of the lockdown due to coVID-19.

The meeting also approved the GDP growth target for the financial year 2020 with the sectoral growth projection of agriculture, industry and services.

The NEC meeting also approved the proposed annual plan for the Economic Framework for 20-2020.

The NEC took a detailed look at the Public Sector Development Program (PSDP) for FY 2019-20 and the proposed development plan for FY 21-2020-21.

According to the statement, this is the first time that the PSDP includes only those projects which have already been approved by the relevant forums and this will ensure speedy implementation of PSDP projects.

It was informed that this is the first time that the PSDP includes only those projects which have already been approved by the concerned forums which are strictly in accordance with the best planning practices. This will ensure faster implementation of PSDP projects and ensure maximum utilization leading to economic growth.

Reviewing the progress of PSDP 20-2019, the meeting expressed satisfaction that the pace of the development process has improved with the timely implementation of various schemes of the federal government. These measures dramatically increased the powers of the Departmental Development Working Party (DDWP), the Central Development Working Party (CDWP) and the ECNEC for approval.

The meeting was also informed that 149 projects worth Rs. 827 billion would be completed by June 30, 2020, and the  PSDP plans for the financial year 2020-21 have focused on the development of less developed areas of the country, including Balochistan, Khyber Pakhtunkhwa, Gilgit-Baltistan and Azad Jammu and Kashmir.

During the meeting, Prime Minister Imran Khan reaffirmed his commitment to youth employment, agriculture and upgrading the country’s public health system.

The Prime Minister also called for the use of technology to monitor the progress of the ongoing project.

The NEC approved the National Development Plan 21-2020 and the Federal PSDP.

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