NEC approves National Development Outlay of Rs 1675 billion; 5.7pc GDP target for 2016 17

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Low agri performance restricts economic growth at 4.7%: PM

ISLAMABAD, May 30 (APP): The National Economic Council Monday approved the National Development Outlay worth Rs 1675 billion for financial year 2016 17 besides setting the target of GDP growth at 5.7 percent.

Prime Minister Muhammad Nawaz Sharif chaired the Council
meeting through video link from London where he would undergo open heart surgery on Tuesday. All other members of the Council who attended the meeting were present in the prime minister office here.

The National Development Outlay 2016 17 comprised Rs. 800 billion as Federal PSDP and Rs 875 billion as Provincial Annual Development Programme.

The prime minister while approving all the agenda items
of the meeting noted with satisfaction that the GDP in the
current financial year, remained 4.7 percent which was the
highest GDP during the last eight years.

The prime minister said that CPEC had the capacity for
further contributing to GDP and would have far reaching
effect in consolidating the economic outlook of the country
in years ahead.

Growth target for 2016 17 has been set at 3.5 percent for
agriculture sector, 7.7 percent for industry and 5.7 percent
for the services sector.

It was informed that significant attention has been given to
the infrastructure development as it remained neglected during the last fifteen years.

The meeting was given an overview of the state of country’s
economy in 2015 16 and approved macroeconomic framework for Annual Plan for 2016 17.
The meeting was briefed on the progress report of CDWP as well as schemes approved by ECNEC and CDWP from April 2015 to March 2016.

The prime minister congratulated Finance Minister Ishaq Dar,
Planning Minister Ahsan Iqbal, chief ministers of the provinces and Gilgit Baltistan and their respective teams at the federal and provincial levels for finalizing the development programme in harmony with the economic development of the country.

The chief ministers of provinces, Governor KP Iqbal Zafar
Jhagra, minister for Water and Power, finance ministers of the provinces and secretaries for ministries for finance and planning attended the meeting along with other senior government officials.