ISLAMABAD: The caretaker setup’s decision to delay tabling of the 13th five-year plan before the National Economic Council (NEC), reflects a cautious approach to long-term economic planning during the transitional period.
The decision also acknowledges the need for comprehensive preparation and consensus-building on crucial national strategies, official sources privy to the development opined.
According to officials and experts, the Planning Ministry, instead of presenting draft of the 13th five-year plan (2024-29) before the NEC, will seek approval for the plan’s overarching socioeconomic objectives. They said the shift in approach aims at providing a broad strategic guidance for future economic planning, allowing the incoming government to shape the detailed plan according to its vision and priorities.
It’s worth to mention that the interim government had initially greenlit the project, directing the Planning Commission to draft the necessary plans. However, the completion of several crucial chapters of the plan remains pending, causing delays.
Sources indicate that the caretaker government has taken the decision to defer the task of preparing and approving the project to the incoming government.
The efforts to restructure the Federal Board of Revenue, privatize Pakistan International Airlines, and address the circular debt in the energy sector have encountered obstacles, highlighting the complexities of governance during a transitional period.
This decision is part of a broader pattern where the caretaker government has faced challenges in implementing significant reforms and initiatives.
Reports suggest that the upcoming NEC meeting, chaired by the Prime Minister, will convene on Monday to deliberate on six agenda items. Among these items is the consideration of halting ongoing provincial projects funded by the federal government.
It’s noteworthy that three provincial governments have already raised concerns about the perceived overreach of the caretaker government’s mandate.
The 13th five-year plan will likely be presented at a later NEC meeting, potentially coinciding with the approval of the next fiscal year’s budget. This revised timeline allows for a more inclusive and collaborative approach to long-term economic planning, ensuring that the plan reflects the input and priorities of the incoming government and other stakeholders.
The recent International Monetary Fund’s recommendations for Pakistan to return to the five-year economic plan model underscore the importance of robust, forward-looking economic strategies.
