Pakistan Unveils Ambitious Rs 3.79 Trillion Development Plan to Boost Growth

Pakistan has approved a Rs 3.79 trillion national development plan for the next fiscal year. The development programme, chaired by Prime Minister Shehbaz Sharif, aims to boost growth through increased public investment. The plan includes significant federal and provincial contributions and is set to be scrutinized by the IMF.

Pakistan has officially sanctioned an ambitious national development plan valued at Rs 3.79 trillion (USD 13.6 billion) for the upcoming fiscal year in a bid to spur economic growth through expansive public investment.

This decision was made during a high-level National Economic Council (NEC) meeting on Monday, just days before the 2024-25 budget unveiling on Wednesday. Prime Minister Shehbaz Sharif chaired the session, attended by the chief ministers of all four provinces, as reported by Dawn newspaper.

The NEC authorized a massive 47 per cent increase in the federal Public Sector Development Programme (PSDP) to Rs 1.4 trillion, with foreign financing of Rs 316 billion. Including additional public-private partnership projects and state-owned entity investments, the total development expenditure rises to Rs 1.697 trillion. The NEC also endorsed the provinces’ cumulative annual development plans worth Rs 2.095 trillion, aiming to drive economic growth from the current 2.4 per cent to 3.6 per cent.