President sets up NEC under PM

ISLAMABAD: President Asif Ali Zardari has constituted a 13-member highest economic decision forum - National Economic Council (NEC) - under the chairmanship of the prime minister and comprising four chief ministers ahead of the upcoming budget to get approval of the national development outlay and macroeconomic framework.

The NEC is convened on June 10, 2024 (coming Monday) to seek approval of the Public Sector Development Program (PSDP) and macroeconomic framework including envisaging a GDP growth rate of 3.6 percent and fixing inflation at 12 percent for the upcoming budget 2024-25. The upcoming budget is scheduled to be presented in the Parliament on June 12, 2024. The Economic Survey for 2023-24 will be unveiled on June 11, 2024. The Annual Plan Coordination Committee (APCC) had recently approved and recommended Rs1,221 billion at the federal level PSDP for the next financial year. The provincial Annual Development Plans (ADPs) envisaged at Rs7,00 billion and Rs763.7 billion for Punjab and Sindh respectively. However, the provincial allocation of ADPs for KP and Balochistan was not yet shared with the Center. According to notification issued on Friday, in exercise of the powers conferred by clause (1) of Article 156 of the Constitution, the President of the Islamic Republic of Pakistan is pleased to constitute the National Economic Council as under:- (a) The Prime Minister Chairman (b) The Chief Ministers of the Provinces of Punjab, Sindh, Khyber Members Pakhtunkhwa and Balochistan (c) Four members nominated by the Prime Minister under paragraph Members (c) of clause (1) of Article 156 of the Constitution, as follows:-

(i) Mohammad Ishaq Dar, Deputy Prime Minister/Foreign Minister; (ii) Khawaja Muhammad Asif, Minister for Defence;(iii) Muhammad Aurangzeb, Minister for Finance & Revenue; and (iv) Ahsan Iqbal Chaudhry, Minister for Planning, Development & Special Initiatives.

(d) Four members nominated by the respective chief ministers under members paragraph (b) of clause (1) of Article 156 of the Constitution, as follows:-

Ms Marriyum Aurangzeb, Senior Minister for Planning & Development; Environment Protection and Climate Change; Forestry, Fisheries & Wildlife; Chief Minister’s Special Initiatives, Punjab, Government of the Punjab; Mr. Jam Khan Shoro, Minister for Irrigation, Government of Sindh; iii) Muzammil Aslam, Adviser to the Chief Minister on Finance, Government of Khyber Pakhtunkhwa; and (iv) Zahoor Ahmed Buledi, Minister for Planning & Development Department, Government of Balochistan. The notification states that by special invitation, five members could be invited for attending the NEC including Ahad Cheema Minister for Economic Affairs, Deputy Chairman Planning Commission, Secretary Finance Division, Secretary Economic Affairs Division and Secretary Planning Development and Special Initiatives. The NEC will also consider approval of Five-Year Plan in its next scheduled meeting.