National Economic Council (NEC) approved on Monday a development budget of Rs1,675 billion for 2016-17

The National Economic Council (NEC) approved on Monday a development budget of Rs1,675 billion for the period of the next fiscal year 2016-17, South Punjab News reported.

The meeting approved Rs800 billion for the federation and Rs875 billion for the provinces.

Prime Minister Nawaz Sharif presided over the meeting via a video-link from the Pakistani High Commission in London, while chief ministers of all four provinces and Gilgit-Baltistan were also present.

He said Pakistan’s future was bright and rapid economic progress will help lay foundations stone for further stability.

The premier is set to undergo an open heart surgery in London on Tuesday and is likely to remain hospitalised for a week after the procedure.

The prime minister left for London on May 22 for a medical check-up but postponed his return back home following advice by doctors to undergo the surgery.Reports suggested that during the PM’s absence, Finance Minister Ishaq Dar and Interior Minister Chaudhry Nisar will run the affairs of the country.

Apart from the budget, the country is facing heightened political situation in the aftermath of Panama Papers leaks, with demands from the opposition parties to probe the premier’s offshore wealth.Khursheed Shah has said the Pakistan Peoples Party will resist any measures directed against the people in the upcoming budget.

The annual budget for fiscal 2016-17 is likely to be announced next week with observers predicting the addition of a plethora of new taxes.

“We will wage a war against the government if the federal budget proves to be anti-people,” said the opposition leader in the National Assembly while talking to the media in Sukkur on Saturday.

He added the government was not capable of solving the problems of the people. It has borrowed $5 trillion in the past three years with no progress in sight, he claimed.

Foreseeing the “century’s biggest alliance” between India, Iran and Afghanistan for the Chabahar port, he said the neighbouring countries were forging ties with India instead of Pakistan because “we do not have a foreign minister”.

Khursheed also said Pakistan had been subjected to worst corruption. “I have already declared my assets. All parliamentarians will have to declare their assets to end corruption,” he added.

On the standoff between the government and the opposition over the terms of reference for the Panama commission, the opposition leader said talks were still going on over the draft of the ToRs.

Afterwards, the government will write a letter to the chief justice for forming a judicial commission to probe the Panama leaks, he added.  On the open-heart surgery of PM Nawaz Sharif, Khursheed said everyone should pray for the quick recovery of the premier.