Annual Plan Coordination Committee to Approve FY23 Economic Targets Next Week

The Ministry of Planning and Development has proposed to convene a meeting of the Annual Plan Coordination Committee (APCC) on 4 June in connection with the preparation of the Budget 2022-23, for the approval of key economic targets, including that of economic growth, for the next fiscal year. The meeting will be chaired by the Federal Minister for Planning and Development Ahsan Iqbal. According to sources, the allocation of Rs. 700 billion for the federal development budget for the next financial year has been proposed, and the attendees of the APCC meeting will approve the Gross Domestic Product (GDP) growth target for the next financial year. They will also set targets for the agriculture, industry, and services sectors, and targets for investments, national savings, the current account, and trade deficit for the next fiscal year. After the meeting, the targets set for the next fiscal year will be presented at the meeting of the National Economic Council (NEC) which will accord approval of the overall budget outlay for the center and the provinces, along with the development budget outlay and economic growth targets. The meeting of the NEC will be chaired by Prime Minister Shehbaz Sharif and attended by all four provincial Chief Ministers.