ISLAMABAD: The outgoing government is set to give go-ahead for upcoming financial year’s macroeconomic framework, which projects inflation at 6 percent and economic growth at 6 percent.
The Public-Sector Development Programme and next financial years macroeconomic framework is set to be approved by Annual Plan Coordination Committee (APCC) on Monday, reported Express Tribune.
In contravention of previous years practice of convening APCC meetings after approval of Budget Strategy Paper (BSP) by the federal cabinet, the government has called this meeting on Monday.
Once the approval from APCC is received, the final call to give go-ahead to macroeconomic framework lies with the National Economic Council (NEC), which is presided by the Prime Minister and its members are the chief ministers of the four provinces.
The NEC is provisionally expected to meet next week.
Also, the finance ministry has submitted the BSP before the PM and is going to be presented in the next federal cabinet meeting, said Adviser to PM on Finance, Dr Miftah Ismail.
It is expected that Prime Minister Shahid Khaqan Abbasi, who holds a portfolio of the finance minister would again review BSP on Saturday.
In the previous meeting, PM voiced disapproval to certain macroeconomic forecasts and instructed the finance ministry to prepare a realistic framework, revealed sources in the ministry.
The APCC will give go-ahead to the macroeconomic framework which foresees economic 6.2 percent Gross Domestic Product growth rate for the upcoming financial year 2018-19, starting from July 1st, 2018.
Agricultural growth target has been projected at 3.7 percent for next financial year, industrial sector 7.3 percent and services sector at 6.6 percent for FY 2018-19.
And the APCC may set an estimate of 17.2 percent for investment to GDP for next financial year. National savings to GDP target may be projected at 13.4 percent for FY 2018-19.
The current account deficit for FY 2018-19 has been recommended by planning ministry to be set at 3.8 percent of GDP.
