President Zardari reconstitutes Pakistan's National Economic Council

The National Economic Council (NEC) of Pakistan, a crucial body responsible for evaluating the country's economic condition and formulating strategic plans, has been reconstituted by President Asif Ali Zardari. The NEC, consisting of 13 members, functions under Article 156 of the Constitution.

Under the new structure, the Prime Minister will lead the NEC, with the Chief Ministers of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan serving as members. The council's primary focus will be on analyzing and advising on financial, commercial, social, and economic policies to promote balanced development and regional equality.

NEC meetings will be called by the Chairman or upon the request of half of the council members. The council is required to convene at least twice a year, with a meeting quorum set at half of its total membership.

Recently, the Prime Minister initiated an NEC session to approve the National Development Outlay 2024-25, Annual Plan 2024-25, and the 13th Five-Year Plan. The agenda also includes assessments of the Annual Plan 2023-24, the 13th Five-Year Plan 2024-2029, Public Investment plans, Federal and Provincial development projects, and progress updates from key committees.

The reconstitution of Pakistan's National Economic Council marks a significant step towards enhancing economic governance and planning in the country. With a renewed focus on strategic policymaking and balanced development, the NEC is poised to play a pivotal role in steering Pakistan's economic trajectory towards sustainable growth and prosperity.