Preparations for the budget of the upcoming financial year are in full swing as the Annual Plan Coordination Committee is scheduled to meet on May 31.
The committee aims to deliberate on crucial aspects of the forthcoming fiscal plan, with a focus on approving the annual macroeconomic plan and development program to set the stage for the country’s economic agenda.
The Ministry of Planning has drafted two proposals for the Public Sector Development Programme (PSDP), outlining financial requirements totaling Rs2,441 billion for 1,370 development projects. The first proposal seeks Rs1,172 billion for 248 projects, while the second proposes Rs1,500 billion for 628 projects.
Additionally, discussions have revolved around allocating Rs769 billion for projects funded by foreign sources, with emphasis placed on prioritizing the completion of projects already 80% complete.
Sources within the Planning Ministry indicate that, to comprehensively address the country’s development needs, the coordination committee is considering allocating Rs71 billion for new projects and earmarking Rs328 billion for ongoing initiatives.
Moreover, it has been estimated that Rs200 billion will be raised through public-private partnerships, while Rs108 billion will be allotted for unspecified projects.
The Ministry of Finance will determine the development budget, taking into consideration the government’s financial capacity and prioritizing key areas for investment. Proposals include a GDP growth target of 3.7% and an inflation target of 11.8% for the next financial year.
The meeting also covered the approval of the National Development Outlay, emphasizing the government’s commitment to fostering economic growth and development across various sectors.
