PM Khaqan chairs National Economic Council meeting

Government of PakistanPM Khaqan chairs National Economic Council meeting

ISLAMABAD, Pakistan: Prime Minister Shahid Khaqan Abbasi chaired a meeting of National Economic Council (NEC) at Prime Minister’s Office in Islamabad on Wednesday

The meeting approved enhancement of sanctioning powers of development fora of Azad Jammu & Kashmir, Gilgit Baltistan and FATA. Accordingly, sanctioning limit for Development Working Party (DWP) of the three regions has been increased to Rs. 400.000 million while the Development Committees (DC) would be authorized to sanction the development expenditure upto Rs. 1.000 billion. 

The meeting was briefed on achievements made so far during the 11th Five Year Plan (2013-2018). Highlighting various achievements made during the period, it was informed that besides improved law & order and overall energy situation, 7653 MW have been added till December 2017 to the total installed capacity of 20,000 MW available in 2012-13. The meeting was informed that 3,163 MW new capacity will be added by June 2018. Highest level of indigenous oil production at 100,698 bbls/day was witnessed as compared to 76,000 bbls/day in 2012-13.

Discussing economic gains made during the 11th Plan, it was informed that the average annual growth rate of GDP which stood at 3.0% in 2012-13 increased to around 5% with decade’s highest growth rate of 5.3% in 2016-17. Industrial out-put growth rate increased from 2.7 to 5.6% with 9 years highest industrial growth of 5.8% in 2015-16. Growth rate of the manufacturing sector rose from 1.6 to 5.0% and the large scale manufacturing grew from 0.6 to 4.7%. The inflation rate which stood at an average of 12% was brought down to 5.2% during this period. The meeting was informed that early harvest projects of CPEC project were on track with 42 projects being implemented through PSDP 2017-18.

Highlighting large public investments made during the 11th Five Year Plan, the meeting was informed that 1415 billion were invested in the energy sector during 2013-18 as compared to Rs. 706 billion in 2008-13. The investment in road sector rose from Rs. 218 billion to Rs. 850 billion. It was informed that Rs. 118 billion were invested in Higher Education Commission as compared to Rs. 86 billion during 2008-13. The meeting was informed that the total national development outlay was increased from Rs. 1.042 trillion to Rs. 2.247 trillion. Federal PSDP allocation increased from Rs. 425 billion to over Rs. 1.000 trillion and public investment to GDP ratio increased from 3.5 to 4.3%.

The meeting was also briefed on socio-economic objectives for the next Five Year Plan along with provincial priorities which would be aligned with national level objectives. The NEC while approving socio-economic objectives of the 12th Five Year Plan (2018-2023) authorized Planning Commission to prepare draft plan in consultation with the provincial governments and other stakeholders.

The meeting reviewed Public Sector Development Programme (PSDP) 2017-18 and Sustainable Development Goals (SDGs) National Framework.

The NEC approved SDGs National Framework and provisional sustainable development goals and targets. The NEC advised the provincial governments and federal ministries/organizations concerned to align their policies/plans and allocate required resources in line with national framework. The meeting also directed provincial governments to set up institutional mechanism at the district level for achieving sustainable development goals.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Bushra Bibi leveled serious charges against Saudi Arabia

0
Monitoring Desk: The former First Lady of Pakistan Bushra Bibi has leveled a serious allegation against a brotherly Muslim country in her recent video...
US reopens Kyiv embassy after warning issued following big Ukrainian strike on Russia

US reopens Kyiv embassy after warning issued following big Ukrainian strike on Russia

0
Monitoring Desk: The United States reopened its embassy in Kyiv after it had shut for the day due to what Washington called the "threat...
Moscow says it won’t allow US to silence UNSC on Israeli violence against Palestinians Monitoring Desk: Russian envoy in United Nations Vasily Nebenzya said that the UN Security Council should bring peace, stability and prosperity to the Middle East and Russia would not allow United States to silence UNSC over the issue of Gaza crisis. According to TASS news Agency, Nebenzya said that Moscow will continue to call for an end to violence against Palestinians and will not allow the US to muzzle the UN Security Council as Washington seeks to support Israel's operation in Gaza. "We will continue to stand firmly for ending violence against the Palestinians. Without a shadow of a doubt, we will continue to expose the abuses and sanctimony with which the US is handling the situation. We will not allow the Americans to gag the entire council with their hands in an effort to encourage further continuation of Israel's ruthless operation," he said in a speech at the Security Council.

Moscow won’t allow the US to silence the UNSC on Israeli violence against Palestinians

0
Monitoring Desk: Russian envoy to the United Nations Vasily Nebenzya said that the UN Security Council should bring peace, stability, and prosperity to the...

From Valdai to Margalla Dialogue —- All roads to Civilisations go through Islamabad

0
By Shazia Anwer CheemaThe emergent realities of global security are fundamentally transforming the frame of references and trajectorial approaches toward them. New security architecture...

12 more men in uniform embraced martyrdom for the motherland in Pakistan

0
Monitoring Desk: 12 more men in uniform embraced martyrdom for the motherland in Pakistan, said Inter Service Public Relations (ISPR) of the Pakistan Army.On...
Advertisement