The National Economic Council (NEC) led by Prime Minister Shahbaz Sharif discussed the proposed annual development program (ADP) for the upcoming fiscal year. Asad Umar, the Federal Minister for Planning, highlighted the key points from the meeting, including the allocation of funds, energy conservation measures, and the 5-Es framework for economic stability.
In a media briefing following the NEC meeting, Asad Umar revealed that the proposed ADP for the fiscal year amounts to Rs. 2,709 billion. The federal government plans to allocate Rs. 1,150 billion, while the provinces will spend Rs. 1,559 billion under the Public Sector Development Program. This substantial investment aims to drive revenue generation, progress in digital Pakistan, address environmental concerns, enhance energy efficiency, and promote equitable development.
Highlighting the energy challenges faced by Pakistan due to increasing global prices, the Minister emphasized the need for energy conservation. Recent decisions by Saudi Arabia to reduce daily oil production pose a risk of prices reaching $100 per barrel by year-end. To combat this, the government approved a package that includes closing shops and commercial centers nationwide at 8 PM. This measure, along with the transition to LED lights and improving geyser efficiency, is projected to save approximately one billion dollars annually.
Asad Umar also highlighted the stark economic disparities between Pakistan and the United States and Europe. Acknowledging their higher wealth and income levels, he emphasized that these countries cannot afford to keep commercial areas open until midnight, unlike Pakistan. Hence, the proposed energy-saving measures aim to align with global practices and contribute to economic stability.
By prioritizing the 5-Es framework and making strategic investments, the Ministry of Planning aims to foster sustainable economic growth, digital transformation, environmental preservation, energy conservation, and equitable development in Pakistan.
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