The National Economic Council (NEC) on Friday approved the development budget for fiscal year 2017-2018, DawnNews reported.
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 Rs1.001tn 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 per cent.
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 Rs438bn as compared to last year's development budget of Rs1.675tn.
"Everyone should unite for the country's development," the prime minister said during the session.
PM Sharif added that for the first time in the country's history, the development budget allocated to provinces had been increased three-fold.
He also called for a focus on coal, hydro, solar and wind projects that can fulfill the country's electricity requirements.
Break-up of the federal government's development budget:
- Rs30bn allocated to Prime Minister's Global SDGs Achievement Programme
- Rs40bn for Special Federal Development Programme
- Rs7.5bn for ERRA
- Rs12.5bn for the Energy for All program
- Rs12.5bn for the Clean Drinking Water for All project
- Rs5bn for completion of development projects under the China-Pakistan Economic Corridor
- Rs90bn for IDPs and security
- Rs4.34bn for the Aviation Division
- Rs5bn for the Cabinet Division
- Rs5.18bn for Capital Administration and Development Division
- Rs810.5m for the Climate Change Division
- Rs1.2bn for trade industry
- Rs13.66bn for the Communications Division
- Rs5.305bn, for the Defence Division
- Rs4.46bn for the Defence Production Division
- Rs270m for the Establishment Division
- Rs2.96bn for the Federal Education and Professional Training Division
- Rs18.93bn for the finance ministry; of which Rs200m will be allocated towards development projects
- Rs35.66bn for the Higher Education Commission
- Rs11bn for the Housing and Works Division
- Rs300m for the Human Rights Division