Budget 2024-25: NEC approves Rs3.8tr PSDP to boost economy

In a return to previous practice, the National Economic Council (NEC) decided on Monday to continue funding constituency-based schemes and ongoing provincial projects, while approving an indicative national development plan worth Rs3.792 trillion for the next fiscal year to increase the economic growth rate to 3.6 per cent from the current 2.4pc. The expansionary public investment stance is likely to come under tight scrutiny of the International Monetary Fund (IMF) as the authorities continue negotiations for a $6-8bn bailout for over three years. Presided over by Prime Minister Shehbaz Sharif, the four-hour-long NEC meeting approved more than 47pc increase in the federal Public Sector Development Programme (PSDP) to Rs1.4tr compared to the current year’s Rs950bn.