KEY POINTS
- Funding for Balochistan’s N-25 highway project was reduced from Rs 120 billion to Rs 100 billion
- GDP growth target set at 4.2 per cent for Pakistan
- CCI to discuss NFC award and tobacco tax reforms soon
ISLAMABAD: Pakistan’s National Economic Council (NEC) unveiled a sweeping vision for Pakistan’s economic future, approving a massive Rs 1,000 billion federal development budget for the next fiscal year.
With a 4.2 per cent Gross Domestic Product (GDP) growth target, the council set the tone for an ambitious economic revival.
Prime Minister Shehbaz Sharif chaired the NEC meeting which was attended by the chief ministers of Punjab, Sindh, Balochistan and Khyber Pakhtunkhwa — each bringing their regional priorities to a national agenda.
A notable adjustment was the reduced allocation for the long-awaited N-25 highway upgrade in Balochistan.
Initially proposed at Rs 120 billion, the project is now set to proceed with Rs 100 billion — a reflection of tighter fiscal controls, even as development remains a priority.
Each province will shape its budget around its needs and vision.” – Khyber Pakhtunkhwa Chief Minister
In a bid to energise trade, the NEC also set an ambitious export target of $35 billion for the coming year — a goal meant to position Pakistan as a stronger player in global markets.
Looking ahead, several critical financial decisions lie on the horizon. The upcoming Council of Common Interests (CCI) meeting is expected to address key unresolved issues, including the long-delayed National Finance Commission (NFC) award and overdue tobacco taxation reforms.
During the NEC session, participants discussed the National Development Plan and reviewed strategic pillars like the Public Sector Development Programme (PSDP).
Sectoral targets spanning agriculture, industry, and services were debated, fine-tuned, and aligned with macroeconomic goals for the next fiscal cycle.
Looking ahead, several critical financial decisions lie on the horizon. The upcoming Council of Common Interests (CCI) meeting is expected to address key unresolved issues, including the long-delayed National Finance Commission (NFC) award and overdue tobacco taxation reforms.
Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, speaking to reporters post-meeting, underscored the spirit of fiscal federalism: “Each province will shape its budget around its needs and vision.”
He emphasised that Khyber Pakhtunkhwa was securing its fair share, asserting, “When our rights are respected, both the federation and provinces win.”
He also revealed that the critical NFC Award discussions have been scheduled for August, declaring confidently, “Our province is in its strongest economic position yet.”
With development blueprints drawn and economic targets inked, all eyes now turn to implementation — and whether these promises can weather the pressures of politics, policy, and performance.
