ISLAMABAD, Pakistan: Prime Minister Shahbaz Sharif on Tuesday presided over the National Economic Council in Islamabad, which approved in principle the 13th Five-year Development Plan.
The National Economic Council was informed that targets of the plan include development of every region especially the backward areas, promotion of exports and small and medium enterprises, social protection and alleviation of poverty, capacity building of human resource, development of knowledge economy and a strategy to cope with the impacts of climate change.
The Council directed the Ministry of Planning to present a comprehensive action plan to the provinces for their positive contributions in the economy and promotion of exports across various sectors.
It was decided that the provinces will be involved in the consultation process to achieve the economic growth rate and beginning in this regard should be made from important sectors such as the agriculture.
The meeting was informed that production of export goods, innovation in agriculture, artificial intelligence (AI) and information technology sector aligned with world standards, sustainable and renewable energy, effective utilization of water resources, uplift of youth and women and early implementation of the second phase of China Pakistan Economic Corridor (CPEC) will ensure the economic development in the next five years.
The Council approved the economic growth targets, the macroeconomic framework and publication of the Annual plan for 2024-25.
It was also briefed about the national goals for the recovery of the economy and the development of the country and the measures to achieve them.
The Council was told that CPEC, international investment projects and other ongoing projects that are near to complete, will be given priority in the upcoming development budget.
In his remarks in the meeting, Prime Minister Shahbaz Sharif said that the government will ensure best utilization of available resources for economic revival, welfare of masses and development of the Country.
The prime minister said that the Federation will ensure consultations with the provinces and other stakeholders in all key matters and consensus will be developed for economic revival in the Country.
The prime minister said that the National Economic Council is the biggest forum to take decisions on national economy and economic revival.
Shahbaz Sharif directed the National Economic Council to constitute a committee to equip the Council with requirements of the modern era.
The Committee in consultation with all the provinces and stakeholders will prepare its recommendations to make the Council more functional.
The prime minister said that agriculture is the backbone of Country’s economy. He directed to ensure incorporation of the proposals of the provinces regarding agriculture and other sectors in the development plan.
The Council was informed about the annual development plan and performance of the government departments in the outgoing fiscal year, and about the proposed development plan for the next financial year.
The meeting was told that the growth rate target for the next year has been increased.
