NEC approves 5pc economic growth target for FY23

Lahore: The National Economic Council (NEC) Wednesday approved the annual targets for the upcoming fiscal year 2022-23 including the economic growth target set at 5%, along with the commitment to make efforts to raise it to 6 percent.

The NEC, presided over by Prime Minister Muhammad Shehbaz Sharif, also approved various sectors’ growth targets for the new fiscal year including agriculture 3.9%, industries 5.9% and services 5.1 percent.

The Council also approved the Macro-Economic Framework for Annual Plan 2022-23. The proposed allocation of Rs. 800 billion for Public Sector Development Plan (PSDP) for the next fiscal was also approved by the Council.

The Council unanimously decided that 60% of the development budget would be spent on the ongoing projects, while the remaining 40% would be spent on the new development schemes.

SOURCE: APP