PM approves Rs2.1 trillion development budget for FY18

PM approves Rs2.1 trillion development budget for FY18

Pakistan Budget 2017 News Update

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif has given approval of Rs 2,113 billion for overall development budget while the target for GDP growth for next fiscal year 2017-18 is fixed at six percent.

The Prime Minister gave the approval at the National Economic Committee’s meeting which he chaired here today.

The budget was approved after a session chaired by Prime Minister Nawaz Sharif, during which a briefing was given on the country’s economic goals and the development budget for the upcoming fiscal year.

The council reportedly approved Rs2.113 trillion for the development budget, of which Rs1.001 trillion will be allocated to the federal government and the remaining to the provinces.The council also set the targeted growth rate for the next fiscal year at 6 percent.

Further, of the sum allocated to the federal government, Rs135 billion will be dedicated to special development projects, it was reported.

The approved budget represents an increase of Rs438 billion as compared to last year’s development budget of Rs1.675 trillion.

“Everyone should unite for the country’s development,” the prime minister said during the session.

Budget Allocated to Provinces

PM Sharif added that for the first time in the country’s history, the development budget allocated to provinces had been increased three-fold.

Chairing the meeting the prime minister said that politics would not be allowed to overcome development. Pakistan is united, the federal and provincial governments are moving ahead with consensus and Pakistan is now among the fast progressing economies.

The global economic publication Economic Times has also recognized Pakistan’s increasing economic development, he added.

Pakistan’s economic growth has peaked to highest level of 5.3 percent while the volume of development has touched $300 billion level.

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