ISLAMABAD: The announcement of the federal budget for 2024-25 remains in unusual limbo, with key customary ingredients still missing, casting doubts on its presentation in parliament on June 10.
Sources said the critical National Economic Council (NEC) meeting, essential for reviewing the current year’s macroeconomic situation and development programme and approving the next year’s economic and development agenda, has yet to be scheduled. In fact, the government has yet to constitute the National Economic Council.
Also, Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb will be on a four-day visit to China and thus unavailable to lead key consultations until June 8. Thus, the first available date for an NEC meeting could be after June 8, provided the relevant documentation with provinces, the prime minister and the president are circulated through electronic means for constituting and notifying the NEC.
Under Article 156 of the Constitution, the president is ultimately required to constitute the NEC, led by the prime minister as its chairman and comprising the four chief ministers and one member from each province to be nominated by the respective chief minister and four other members, normally key federal ministers, as the premier may nominate.
Under this article, the NEC “shall review the overall economic condition of the country and shall, for advising the Federal Government and the Provincial Governments, formulate plans in respect of financial, commercial, social and economic policies; and in formulating such plans it shall, amongst other factors, ensure balanced development and regional equity and shall also be guided by the Principles of Policy set out in Chapter 2 of Part-II”.
Officials confirmed that the NEC had not been notified. Interestingly, the Annual Plan Coordination Committee (APCC) continued its meeting, although the Planning Commission had announced last week that the forum had recommended to the NEC a Rs1.221 trillion development budget of the federal government along with 3.6 per cent growth target for the current year.
