National Economic Council approves Rs 2709 bln development budget

ISLAMABAD: In a significant development for the country’s economic landscape, National Economic Council (NEC) held a meeting where the development budget of a staggering Rs 2709 billion was approved, ARY News reported on Monday.

According to the details, PM Shehbaz Sharif chaired the National Economic Council (NEC) meeting where the council members approved a development budget of Rs 2709 billion. However, the federal government will spend Rs 950 billion on development projects in the next financial year.

Furthermore, the provincial government will spend Rs 1559 billion on development projects in the next fiscal year.

Meanwhile, a noteworthy aspect of the approved budget is the inclusion of public-private partnerships, with around Rs 200 billion allocated for such projects. This collaborative approach between the government and private sector entities is expected to expedite development initiatives and leverage expertise and resources to achieve optimal outcomes.

In a specific allocation, the cabinet division is set to receive a development budget of Rs 90 billion. This investment will play a crucial role in enhancing the capacity and effectiveness of the division.

Moreover, the federation itself has been granted a development budget of Rs 1150 billion, reflecting the government’s commitment to prioritizing key sectors and addressing critical national needs.