Pakistan-sets-4-GDP-growth-target-for-2020Prime Minister Imran Khan Wednesday said Pakistan faces an ‘unprecedented financial crisis’ as his govt forecast growth of 4% for the upcoming year ahead of an austerity budget targeted at securing a $6 billion loan from the International Monetary Fund ( IMF). The modern growing forecast for the economic yr to June 2020 was permitted during a meeting of the government’s National Economic Council ( NEC ) that signed off on calculates including a five-year fiscal plan. “The prime minister during the conference declared that the country is facing unprecedented financial meltdown,” his office said in a statement, calling on provincial government authorities to join forces with the federal government.
The NEC also permitted the National Development Outlay 2019-20 amounting to Rs 1.837 trillion adding in federal public sector improvement program ( PSDP ) and the provincial annual development programs ( ADPs). The NEC conference, headed by Prime Minister Imran Khan, reviewed Yearly Plan 2018-19 and the proposed Annual Plan 2019-20. The conference permitted Gross Domestic Product ( GDP ) growing goal of 4% along with sectoral growth of agriculture ( 3.5% ) industry ( 2.2% ) and services sector ( 4.8% ) for economic yr 2019-20. The conference reviewed the draft 12th 5 Yr Plan ( 2018-23). It was informed that main themes of the 12th 5 Yr Plan include balanced and equitable regional improvement; sustainable, inclusive, job-creating export-led growing; resource mobilization and developing governance; improving social safety; ensuring food and water security, enhancing connectivity, promoting knowledge economy and clean and green Pakistan.
The NEC permitted 12th 5 Yr Plan ( 2018-23 ) in principle. It was decided that the plan will be more fine-tuned, particularly its implementation mechanism, in consultation with all the stakeholders. The conference reviewed the Public Sector Development Programme ( PSDP ) 2018-19 and the proposed PSDP 2019-20. It was advised that PSDP 2019-20 targets on new initiatives in the field of farming, information technology, higher education, science and technology and technical education and working out. The conference was informed that focused interventions will be made in the less manufactured districts of the country to bring them at par with other areas of the nation for regional equalization.
10 billion tsunami program, prime minister’s youth skill growth initiative, rehabilitation of affected population residing along Line of Control, construction of Gilgit-Shandur-Chitral road and improvement of sewerage and sanitation in Gilgit, and development of merged districts of Khyber Pakhtunkhwa are a few of the leading priority areas of the PSDP. The progress record of CDWP and ECNEC from April 1, 2018, to March 31, 2019, was laid before the council. The NEC confirmed extension in powers of the special forum for rehabilitation and reconstruction in erstwhile FATA till December 2019. The particular forum, under the chairmanship of commander 11 Corps, was established by the NEC in 2016 for a period of 2 yrs for fast-track implementation mechanism for rehabilitation and reconstruction in the region.
The conference permitted the establishment of Islamabad Development Functioning Party headed by the chief commissioner ICT and adding in representatives from ministries of finance, organizing and other offices concerned. The IDWP will be permitted to approve a growth plan up to Rs 60 million. The NEC also permitted procedure for approval of program for results, development policy credits and financial intermediation programs. The prime minister during the conference declared the nation is facing an unprecedented economic crisis. He declared that joint efforts of the govt and the provincial governments are needed to overcome the present economic crisis. He reiterated his call to the provinces to allocate necessary financial resources, as per the commitments made previously, for the development of erstwhile FATA.