NEC approves 13th 5-year National Development Plan

Islamabad: The National Economic Council (NEC) approved the 13th five-year National Development Plan on Monday, alongside setting the annual economic growth targets for the financial year 2024-25 and the macroeconomic framework for the annual plan. Prime Minister Shehbaz Sharif presided over the meeting.

Key objectives of the newly approved National Development Plan include the development of all regions, especially less developed areas, increasing exports, promoting small and medium industries, providing social protection and poverty alleviation, enhancing workforce capacity, and creating a framework to mitigate climate change impacts.

The NEC directed the Ministry of Planning to ensure provincial participation in the national economy and to present a comprehensive framework to boost the country’s exports. The ministry was also tasked with including the provinces in consultations to achieve the overall economic growth targets.

Prime Minister Sharif emphasized the importance of optimal resource utilization for economic revival and prosperity. He highlighted the need for federal-provincial collaboration in making economic decisions, ensuring that such decisions reflect a collective vision for the country’s development. He remarked, “The National Economic Council is the highest forum for crucial economic decisions, and it will be instrumental in steering the economy towards recovery.”

The Prime Minister also instructed the NEC to form a committee that, in consultation with provinces and other stakeholders, would formulate proposals to make the Council more active and aligned with modern requirements.

The meeting reviewed the performance and development projects of the fiscal year 2023-24 and discussed proposals for the upcoming fiscal year 2024-25. It was noted that the growth rate target for the upcoming fiscal year has been significantly increased.

Recognizing the agricultural sector as the backbone of the economy, Prime Minister Sharif called for provincial input in developing agriculture and other sectors. The NEC was briefed on national economic recovery goals and measures to achieve them, which include the production of export goods, innovation in the agriculture sector, advancements in artificial intelligence and information technology, sustainable and renewable energy, effective water resource management, youth and women development, and the expedited implementation of the second phase of the China-Pakistan Economic Corridor (CPEC).

The proposed development budget for 2024-25 will prioritize CPEC projects, foreign investment projects, and near-completion projects. Sustainable Development Goals (SDGs) and development in less developed areas will also be prioritized.

A report on the performance of the Central Development Working Party (CDWP) and the Executive Committee of the National Economic Council (ECNEC) for April 2023 to May 2024 was presented.

The meeting began with prayers for Captain Muhammad Faraz Ilyas Shaheed and other soldiers martyred in the recent terrorist attack in Lucky Marwat.

Key attendees included Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers Khawaja Muhammad Asif, Muhammad Aurangzeb, Ahsan Iqbal, Ahad Khan Cheema, Punjab Chief Minister Marryam Nawaz Sharif, Sindh Chief Minister Syed Murad Ali Shah, Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, Balochistan Chief Minister Sarfaraz Khan Bugti, and other high-ranking officials.