National Economic Council sets 4% GDP growth target for FY 2019-20

ISLAMABAD, Pakistan: The National Economic Council (NEC) met in Islamabad on Wednesday with Prime Minister Imran Khan in the Chair, and set gross domestic product (GDP) growth target of 4% for the next financial year 2019-20.

During its meeting, the NEC reviewed the annual plan 2018-19 and the proposed the annual plan 2019-20. It approved GDP growth target of 4% along with sectorial growth of agriculture (3.5%) industry (2.2%) and services sector (4.8%) for next financial year.

In his remarks, the prime minister emphasized that joint efforts of the federal and the provincial governments are needed to overcome the unprecedented economic crisis that the country is facing.

The prime minister said that the government has introduced local government systems in Punjab and Khyber Pakhtunkhwa to ensure empowerment of the people at grass root level and to afford them an opportunity to play their part in their developmental process.

Imran Khan reiterated his call to the provinces to allocate necessary financial resources, as per the commitments made earlier, for the development of erstwhile FATA.

The NEC meeting approved the National Development Outlay 2019-20 amounting to Rs 1.837 trillion including Federal PSDP and Provincial Annual Development Programmes.

The meeting also approved 12th Five Year Plan (2018-23) in principle. It was decided that the plan will be further fine-tuned, especially its implementation mechanism, in consultation with all stakeholders.

Likewise, the National Economic Council approved establishment of Islamabad Development Working Party (IDWP) headed by the Chief Commissioner ICT including representatives from ministries of finance, planning and other concerned offices.

The IDWP will be allowed to approve development project up to Rs 60 million.

In addition, the NEC also approved procedure for approval of Program for Results, Development Policy Credits and Financial Intermediation Programs.