NAC meeting deferred on data delay

The National Accounts Committee (NAC) meeting scheduled today (Monday) to review the budgetary growth target for the current fiscal year has been deferred by two days and delay in data was attributed to postponement. Sources in the Pakistan Bureau of Statistics (PBS) claimed as the economic data of some sectors for the month of April has not yet received, the meeting was postponed May 17.
However, some officials on condition of anonymity say the absence of Finance Minister Ishaq Dar may have led to delay the meeting. Sources in the Planning Commission said that if the NAC has been delayed, the Annual Plan Co-ordination Committee (APCC) meeting scheduled on May 17 would also be rescheduled for the reason that as per laid down procedure, the NAC meeting must take place before the APCC. The APCC was to consider and approve public sector development programme for the next fiscal year with federal component of around Rs 850 billion.
The NAC meeting would be presided over by Secretary PBS and attended by member NAC, director crops reporting of all the four provinces and officials of Planning Commission and Pakistan Institute of Development Economics (PIDE). The government is optimistic of achieving GDP growth between 5.2 to 5.4 percent for current fiscal year, said an official of PBS, stating that there are positive indicators of growth in industrial sector owing to availability of electricity as well as in agriculture sector.
The government has projected 5.7 percent growth target for the current fiscal year in the budget which is likely to be revised downward by the NAC meeting even if the government reaches near the optimistic figure. The meeting after reviewing the projected growth targets of all the sectors of the economy - agriculture, industrial and services - would sent to the APCC meeting jointly presided over by ministers for finance and Planning Commission and finally the number for the current fiscal year along with targets for the next fiscal year are placed before the National Economic Council (NEC) meeting presided over by the Prime Minister and attended by the Chief Ministers and Finance and Planning Ministers of federal and provinces.