Prime Minister Shehbaz Sharif-led federal government has proposed an allocation of Rs5.63 billion for the Ministry of Defence's development projects in the upcoming Budget 2024-25.

This comprehensive allocation encompasses total of 29 key projects, reflecting the government's commitment to enhancing military infrastructure and technology.

According to the budget document, Rs3.92 billion has been earmarked for nine ongoing projects within the Ministry of Defence.

These projects are crucial for maintaining and upgrading existing defense systems and infrastructure.

In addition to this, a substantial amount of Rs1.7 billion is allocated for twenty new schemes aimed at addressing emerging security challenges and advancing the country's defense preparedness.

This includes Rs 400 million designated for the procurement of drones, which will be utilized for law enforcement and emergency search and rescue operations, underscoring the government's focus on modernizing defense tools and technologies.

Moreover, the budget proposes Rs50 million for the construction of a Research and Regional Center in Islamabad. This facility is expected to serve as a hub for cutting-edge defence research and development, fostering innovation and self-reliance in military technology.

Further, Rs38 million is allocated for the construction of FG Junior Public Schools in Gwadar and Gilgit, highlighting the government's commitment to improving educational infrastructure in strategic locations.

Additionally, Rs300 million will be spent on the construction of an Academy Block at the National University of Pakistan in Islamabad, aimed at enhancing educational facilities for defense personnel.

Another notable allocation is Rs620 million for the purchase of land for the establishment of a Medical City. This project is part of the government's broader strategy to improve healthcare services for defense personnel and their families.

Lastly, Rs 860 million has been set aside for the National Aerospace Science and Technology Pak Aviation City in Pakistan.

Five-year economic plan to be approved

In a parallel development, the federal government has finalised a comprehensive five-year economic plan (2024-2029) to achieve major economic goals. This plan is set to be submitted to the National Economic Council (NEC) tomorrow for approval.

This long-term economic strategy encompasses a wide range of sectors, including macroeconomic framework, energy, balance of payments, development budget, food and agriculture, population, poverty alleviation, and governance reforms.

The plan aims to provide a structured approach to economic development and address critical challenges facing the nation.

Government insiders revealed that Pakistan has been operating without a formal five-year plan since 2018 due to the inability of successive governments to draft a comprehensive strategy.

The approval of this plan is a significant step towards structured economic planning and achieving sustainable growth.

The meeting of the NEC, chaired by the premier, is expected to endorse this ambitious plan, setting the stage for a new era of economic development in Pakistan.