The working paper along with a summary is then presented to the National Economic Council (NEC) that is chaired by the Prime Minister and attended by all the chief ministers as well as Finance and Planning Ministers of the federation and provinces. Sources told Business Recorder that the Ministry of Planning, Development and Reforms has recommended Rs 900 to Rs 925 billion for federal public sector development spending for next fiscal year. This was confirmed by Asif Sheikh of the Planning Commission who stated that "Rs 900 to Rs 925 billion would be adequate for development projects".
Sources further revealed that Finance Ministry was unwilling to allocate Rs 900 billion for federal development spending and Ministry Of Planning, Development and Reforms has been asked to rationalise the proposal after holding meetings with relevant ministries. Finance Ministry's initial suggestion was reportedly a Rs 655 billion local component and a Rs 130 billion foreign exchange component (FEC) for development spending by the federal government for the next fiscal year.
A meeting of National Accounts Committee (NAC) which was to be held on Wednesday to finalise growth projection of various sectors of the economy on the basis of their performance in the outgoing fiscal year would now be held on Friday. The reason for delay, according to sources, was that PBS would be unable to collect and compile data by Wednesday.