APCC approves Rs 2.66 trillion National Development Plan for 2023-24
ISLAMABAD: The Annual Plan Coordination Committee (APCC) of the government approved a Rs 2.66 trillion outlay for the National Development Plan for 2023-24.
The total Rs2.66 trillion development outlay envisages Rs1.1 trillion of the federal program. It also includes Rs150 billion in private financing and about Rs1.56 trillion in provincial annual development plans (ADPs).
The total amount also includes the Rs 950 billion federal Public Sector Development Programme. The PSDP will boost the economic growth rate to 3.5 percent in 2023-24. In the outgoing fiscal year 2022-23, the economic growth is expected at just 0.3pc.
The GDP growth rate of 3.5pc in 2023-24 is connected to 3.6pc growth in the services sector, 3.5pc expansion in agriculture, and 3.4pc industrial growth.
However, Planning and Development Minister Ahsan Iqbal said the National Development Plan is subject to change with the consent of caretaker governments in Punjab and Khyber Pakhtunkhwa. Both the provincial governments did not uplift funds so far.
Meanwhile, the National Economic Council will approve the macroeconomic framework and the development plan in a few days. The NEC is the highest forum on the macroeconomic and development agenda in the country. Prime Minister is the head of the NEC.
The private sector will contribute Rs 150 billion for the federal PSDP, mostly for motorways in 2023-24. The federal government has allocated Rs100 billion for matching viability gap financing (VGF).
The caretaker governments in Punjab and KP shared provincial ADP estimates for the first quarter (July-October) only at Rs426bn and Rs268bn, respectively.
