ISLAMABAD: Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, announced on Friday that the government has approved a development budget of Rs 1,100 billion for the upcoming fiscal year. The budget aims to achieve the required goals of economic growth and national development.
Addressing a news conference, Professor Ahsan Iqbal informed that out of the total budget, Rs 950 billion will be utilized under the Public Sector Development Programme (PSDP 2023-24), while Rs 150 billion will be allocated for public-private partnership projects. Initially, the Finance Ministry had proposed Rs 700 billion for the PSDP 2023-24, which was deemed insufficient. However, upon a written request to Prime Minister Shehbaz Sharif, the development budget was increased to Rs 1,100 billion.
Professor Ahsan Iqbal highlighted that the development budget of Rs 1,100 billion reflects the government’s priority for national development. He also expressed concerns about the economic difficulties faced by the country due to the failed policies of the Pakistan Tehreek-e-Insaf (PTI) government. He mentioned the significant trade deficit and the severe economic crisis caused by excessive imports of luxury items during the last year.
Despite these challenges, Professor Ahsan Iqbal commended the efforts of the government in steering the country out of the crisis and towards economic stabilization. He mentioned the successful management of imports and implementation of corrective measures. As a result, Pakistan is gradually attracting foreign investors and moving towards economic recovery.
The Annual Plan Coordination Committee (APCC) has set ambitious targets for the next fiscal year, including 3.5% growth targets for GDP and the agriculture sector, 4.3% for the manufacturing sector, and 3.6% for the services sector. The plan also aims to reduce the inflation rate from 29.2% to 21%, increase national savings from 12.5% to 13.4%, and boost exports to over $30 billion.
Professor Ahsan Iqbal emphasized the need for expediting the process of economic revival and highlighted the five Es (Exports, E-Pakistan, Equity, Energy, and Environment) as the framework for national development. The government is focused on completing ongoing projects at advanced or middle stages to reduce the burden of pending development schemes.
In conclusion, the approved development budget of Rs 1,100 billion reflects the government’s commitment to economic growth and national development. Efforts are being made to address economic challenges, attract foreign investment, and achieve the set targets for the next fiscal year. AGENCIES