The National Economic Council (NEC), chaired by Prime Minister Muhammad Nawaz Sharif here at the PM Office on Monday approved the Gross Domestic Product (GDP) growth target at 5.5% for the financial year 2015-16.
The NEC also approved Rs 1.514 trillion development outlay including Rs 700 billion as federal Public Service Development Program (PSDP) and Rs 814 billion as provincial Annual Development Programme (ADP).
Growth target for FY 2015-16 for agriculture sector has been set at 3.9%, manufacturing sector at 6.1%, while exports target has been set as $ 25.5 billion.
The meeting was given an overview of the state of country’s economy in 2014-15 in addition to being briefed about budget outlay for financial year 2015-16.
The meeting approved the macroeconomic framework for Annual Plan 2015-16. Progress report of CDWP (Central Development Working Party) from April 2014 to March 2015 was also presented before the NEC and Planning Commission was authorized to publish the 11th Five Year Plan.
The Prime Minister directed that funds for projects being funded by the federal government should be properly allocated to priority projects in complete coordination with provincial governments to ensure optimum utilization of funds and to reduce chances of duplication.
Chief ministers of all the four provinces; governor Khyber Pakhtunkhwa; Chief Minister Gilgit-Baltistan; ministers for finance, planning and water and power; finance ministers of all provinces as well as Azad Jammu and Kashmir and secretaries for ministries of finance and planning attended the meeting along with other senior government officials. (APP)
