While the new fiscal year’s budget is being planned, the Annual Plan Coordination Committee will meet on May 31 to discuss important matters related to the future fiscal plan.
The yearly macroeconomic plan and development program are being approved at this conference in an effort to set the stage for the nation’s economic agenda for the upcoming year.
For the Public Sector Development Programme (PSDP), the Ministry of Planning has created two proposals that detail the Rs. 2,441 billion in funding needed for 1,370 development projects. For 248 projects, the first proposal asks for Rs1,172 billion, while the second proposal requests Rs1,500 billion for 628 projects.
It was also addressed how to prioritize the completion of projects that are 80% complete when allocating Rs769 billion for projects that receive foreign money.
The coordination committee has suggested setting aside Rs 328 billion for ongoing projects and Rs 71 billion for new ones in an effort to fully address the nation’s development demands, according to sources in the Planning Ministry.
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Additionally, the sources stated that an estimated Rs. 200 billion will be obtained through public-private partnerships, with the remaining Rs. 108 billion designated for non-specific projects.
The Ministry of Finance will distribute the development budget, giving priority to important areas for investment and considering the government’s financial capabilities. For the upcoming fiscal year, 3.7% GDP growth and 11.8% inflation targets have also been suggested.
The approval of the National Development Outlay was another topic covered at the conference, highlighting the government’s commitment to promoting development and economic growth in a number of industries.
