PM Shehbaz Sharif chairs NEC meeting on National Development Plan

The recent National Economic Council (NEC) meeting, chaired by Prime Minister Shehbaz Sharif, has given initial approval to the 13th five-year National Development Plan. This plan sets out ambitious goals for the financial year 2024-25, focusing on developing all regions of the country, boosting exports, supporting small and medium industries, enhancing social protection, alleviating poverty, improving workforce capacity, and implementing measures to combat climate change.

During the meeting, the performance of ongoing development projects for 2023-24 was reviewed, and discussions were held on proposals for the upcoming fiscal year. Notably, the growth rate target for the next fiscal year has been significantly increased. The Council has instructed the planning ministry to engage provinces in the national economy positively and develop a comprehensive strategy to enhance exports, with a strong emphasis on involving provinces in the consultation process to achieve economic growth targets.

Additionally, the NEC was briefed on national economic recovery goals and strategies to achieve them. The upcoming budget for 2024-25 will prioritize projects under the China-Pakistan Economic Corridor (CPEC), foreign investment initiatives, and projects nearing completion. Sustainable Development Goals (SDGs) targets will be integrated into development projects, with a specific focus on less developed regions.

Prime Minister Shehbaz Sharif highlighted the importance of efficient resource utilization for economic revival and public welfare. He stressed the need for consulting provinces and stakeholders in crucial economic decisions to ensure a collective vision and consent. PM Shehbaz Sharif directed the NEC to establish a committee to collaborate with provinces and stakeholders in formulating proposals to enhance the council's effectiveness and align it with modern requirements.

The approval of the 13th five-year National Development Plan marks a significant step towards achieving economic growth and development in Pakistan. With a strong focus on inclusive growth, export enhancement, poverty alleviation, and sustainable development, the plan sets a clear path for the country's progress. The commitment to efficient resource utilization and stakeholder consultation reflects a proactive approach to economic decision-making. Moving forward, collaboration between provinces and stakeholders will be crucial in realizing the goals outlined in the plan, ensuring a more prosperous and sustainable future for all Pakistanis.