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Tomorrow’s planning committee meeting will adopt the budget for the following year.

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While the new fiscal year’s budget is being planned, the Annual Plan Coordination Committee will meet on May 31 to discuss important matters related to the future fiscal plan.

The yearly macroeconomic plan and development program are being approved at this conference in an effort to set the stage for the nation’s economic agenda for the upcoming year.

For the Public Sector Development Programme (PSDP), the Ministry of Planning has created two proposals that detail the Rs. 2,441 billion in funding needed for 1,370 development projects. For 248 projects, the first proposal asks for Rs1,172 billion, while the second proposal requests Rs1,500 billion for 628 projects.

It was also addressed how to prioritize the completion of projects that are 80% complete when allocating Rs769 billion for projects that receive foreign money.

The coordination committee has suggested setting aside Rs 328 billion for ongoing projects and Rs 71 billion for new ones in an effort to fully address the nation’s development demands, according to sources in the Planning Ministry.

Furthermore Read: Sri Lankan rupee behind Pakistani rupee in Asia’s currency rankings

Additionally, the sources stated that an estimated Rs. 200 billion will be obtained through public-private partnerships, with the remaining Rs. 108 billion designated for non-specific projects.

The Ministry of Finance will distribute the development budget, giving priority to important areas for investment and considering the government’s financial capabilities. For the upcoming fiscal year, 3.7% GDP growth and 11.8% inflation targets have also been suggested.

The approval of the National Development Outlay was another topic covered at the conference, highlighting the government’s commitment to promoting development and economic growth in a number of industries.

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In interbank trade, the Pakistani rupee beats the US dollar.

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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