The National Economic Council (NEC) approved on Monday a development budget of Rs1,675 billion for the period of the next fiscal year 2016-17.
The meeting approved Rs800 billion for the federation and Rs875 billion for the provinces. Prime Minister Nawaz Sharif presided over the meeting via a video-link from the Pakistani High Commission in London, while chief ministers of all four provinces and Gilgit-Baltistan were also present. The Prime Minister said Pakistan’s future was bright and rapid economic progress will help lay foundations tone for further stability in this regard.
The Prime Minister is set to undergo an open heart surgery in London on Tuesday and is likely to remain hospitalised for a week after the procedure. He left for London on May 22 for a medical check-up but postponed his return back home following advice by doctors to undergo the surgery.
Reports suggested that during the PM’s absence, Finance Minister Ishaq Dar and Interior Minister Chaudhry Nisar will run the affairs of the country. The most important upcoming constitutional business is the federal budget for fiscal year 2016-17.
Important decisions such as finalisation of national development outlay and macro-economic plan are taken in the NEC.
Apart from the budget, the country is facing heightened political situation in the aftermath of Panama Papers leaks, with demands from the opposition parties to probe the Prime Minister’s offshore wealth.
