fbpx
Advertisement
Advertisement

Rs1,675 billion development budget approved for financial year 2016-17

Pakistani NewsRs1,675 billion development budget approved for financial year 2016-17

ISLAMABAD, Pakistan: Prime Minister Nawaz Sharif on Monday presided over the National Economic Council (NEC) meeting through video link from Pakistan High Commission in London in which Federal Public Sector Development Programme (PSDP) of about Rs800 billion was approved for the next financial year.

In its meeting held in Islamabad on Monday afternoon, the NEC also approved that apart from Rs800 billion of Federal PSDP, provinces would also be spending Rs875 billion on development, taking total development plan to a record level of Rs1,675 billion for the next financial year.

The federal development programme includes Rs655 billion for development, Rs100 billion for rehabilitation of internally displaced persons (IDPs), Rs120 billion for Prime Minister’s Youth Programme and Rs25 billion for gas infrastructure development.

In his address on the occasion, the prime minister expressed the confidence that achievements of the present government during the last three years would provide firm foundation for economic development and stability.

Advertisement

The prime minister said that gross domestic product (GDP) growth rate during tenure of the Pakistan Muslim League-Nawaz (PML-N) government remain above four percent and this year the country is set to achieve GDP growth rate of 4.71 percent which is highest in eight years.

Sharif said that the federal government aims to achieve 6 to 7 percent GDP growth rate during the next two years.

The prime minister also expressed the confidence that timely completion of projects under China-Pakistan Economic Corridor (CPEC) especially energy projects would prove to be of far-reaching importance for economic development of the country. He hoped that this would not only bring progress for people but also attract investment in different areas of the country.

Advertisement

The Finance Minister Ishaq Dar said that there were fiscal constraints but all stakeholders cooperated in accommodating their demands within Rs655 billion development programme for next year.

Separately, the prime minister also addressed meeting of the Federal Cabinet through video link from London in which he gave directions for inclusion of a special package for development of agriculture in the next year’s budget. He also gave instructions for substantial reduction in the prices of Urea fertilizer for the benefit of farmers.

The prime minister said that prices of fertilizer have come down in the international market and its benefit should also go to the farmers in Pakistan.

Nawaz Sharif said that he has a vision to see Pakistan free of terrorism, backwardness and illiteracy. He said that he wants to transform Pakistan into enviable country in the world.

Advertisement
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

Advertisement
Advertisement