Pakistan economy in ‘unprecedented’ crisis, says Imran

Ag APPISLAMABAD: Prime Minister Imran Khan has said the country is facing an “unprecedented” economic crisis and called for joint efforts from the federal and provincial governments so as to overcome the present challenges.He made these remarks while chairing the National Economic Council (NEC) meeting, which approved National Development Outlay 2019-20 amounting to Rs 1.837 trillion including the federal Public Sector Development Programme (PSDP) and Provincial Annual Development Programmes (ADPs).The NEC meeting reviewed the Annual Plan 2018-19 and the proposed Annual Plan 2019-20. The meeting approved gross domestic product (GDP) growth target of 4 per cent along with sectoral growth of agriculture (3.5 per cent), industry (2.2 per cent), and services sector (4.8 per cent) for financial year 2019-20. The meeting also reviewed draft 12th Five Year Plan (2018-23).The Prime Minister said the government had introduced local government system in Punjab and Khyber Pakhtunkhwa to ensure empowerment of the people at the grassroots level and to afford them an opportunity to play their part in their developmental process.Khan reiterated his call to the provinces to allocate necessary financial resources, as per the commitments made earlier, for the development of erstwhile Fata.The NEC was told the main themes of the 12th Five Year Plan, which include balanced and equitable regional development; sustainable, inclusive, job-creating export-led growth; resource mobilisation and improving governance; improving social protection; ensuring food and water security, enhancing connectivity, promoting knowledge economy and Clean and Green Pakistan.The NEC also approved 12th Five Year Plan (2018-23), in principle. It was decided that the plan will be further fine-tuned, especially its implementation mechanism, in consultation with all stakeholders.The meeting reviewed PSDP 2018-19 and the proposed PSDP 2019-20. It was informed that PSDP 2019-20 focuses on new initiatives in the field of agriculture, information technology, higher education, science & technology and technical education and training.The meeting was informed that targeted interventions will be made in the less developed districts of the country to bring them at par with other parts of the country for regional equalisation.The Ten Billion Tsunami Program, Prime Minister’s Youth Skill Development Initiative, rehabilitation of affected population residing along Line of Control, construction of Gilgit-Shandur-Chitral Road and improvement of sewerage and sanitation system of Gilgit, and development of merged districts of Khyber Pakhtunkhwa are some of the major priority areas of Public Sector Development Programme (PSDP) 2019-20. The Progress Report of CDWP and ECNEC from 1st April 2018 to 31st March 2019 was laid before the NEC.The NEC confirmed the extension in powers of Special Forum for Rehabilitation and Reconstruction in Fata (erstwhile) till December 2019. The Special Forum, under the chairmanship of Commander 11 Corps, was established by the NEC on May 30, 2016 for a period of two years for fast track implementation mechanism for rehabilitation and reconstruction in erstwhile Fata.The meeting approved establishment of Islamabad Development Working Party, which would be headed by the chief commissioner ICT and comprising representatives from ministries of Finance, Planning and other concerned offices. The IDWP will be allowed to approve development project up to Rs60 million.The NEC approved procedure for approval of Program for Results (PforR), Development Policy Credits (DPCs) and Financial Intermediation Programs (FIPs). The meeting was attended by finance adviser Dr Abdul Hafeez Sheikh, Planning Minister Makhdoom Khusru Bakhtiar, commerce adviser Abdul Razzak Dawood, KP Governor Shah Farman, Punjab Chief Minister Sardar Usman Buzdar, Sindh CM Syed Murad Ali Shah, Khyber Pakhtunkhwa CM Mehmood Khan, Balochistan CM Jam Kamal Khan, Punjab Finance Minister Hashim Jawan Bakht, Nisar Khuhro, Naheed Durrani and others.

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