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On Monday, the National Economic Council (NEC) gave the green light to a federal Public Sector Development Programme (PSDP) valued at Rs. 1.4 trillion, alongside a national development budget of Rs. 3.5 trillion (with Rs. 2.1 trillion earmarked for provincial annual development plans).

Chaired by Prime Minister Shehbaz Sharif, the council also endorsed a growth rate target of 3.6 percent for the forthcoming fiscal year (FY25), with an inflation target set at 12 percent.

Additionally, the NEC approved a five-year annual development plan, aiming to elevate exports of goods and services to $63 billion by 2029. The meeting received a briefing on the 13th five-year annual development plan, highlighting objectives such as comprehensive development across the nation, particularly in less developed areas, boosting exports, fostering small and medium industries, social protection, poverty alleviation, workforce capacity enhancement, and climate change resilience.

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The NEC instructed the planning ministry to ensure active provincial involvement in the national economy and to devise a thorough framework to amplify the country’s exports. Furthermore, the ministry was tasked with engaging provinces in the consultation process to achieve the nation’s overall economic growth targets.

During the meeting, all four provincial chief ministers affirmed their provinces’ commitment to the IMF program, pledging cash surpluses equivalent to 1 percent of the GDP.

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