ISLAMABAD: The Annual Plan Coordination Committee (APCC) will meet on Monday, June 2, to draft proposals for the next fiscal year's development budget, Geo News reported citing sources.

The sources said Federal Minister for Planning and Development Ahsan Iqbal would chair the important meeting.

Representatives from all federal ministries and the four provinces will participate in the APCC session. During the meeting, the committee is expected to approve the Public Sector Development Programme (PSDP) for the next fiscal year.

APCC is a consultative body that gives recommendations on macroeconomic and development framework to the National Economic Council (NEC)

The sources noted that the Ministry of Finance aims to provide up to Rs952 billion for the PSDP. However, the Ministry of Planning has received proposals from various ministries and divisions for allocation of a massive Rs2,900 billion for the PSDP. Meanwhile, the planning minister has requested an allocation of Rs1,650 billion for the PSDP.

The final approval for the development budget will be given by the NEC, headed by Prime Minister Shehbaz Sharif.

Whereas, the APCC will also approve the gross domestic product (GDP) growth target for the next fiscal year. The official date for the next NEC meeting has not yet been announced.

The federal government is set to roll out fiscal budget on June 10 (Tuesday), immediately after Eid ul Adha holidays.

As Eid ul Adha is set to fall on June 7 and 8 (Saturday and Sunday), sources indicate that the third day of Eid, June 9 (Monday), will have to be declared a working day to accommodate critical economic proceedings.

The schedule includes the meeting of the National Economic Council (NEC) and the release of the Economic Survey 2025 on the same day.

Meanwhile, Federal Finance Secretary Imdadullah Bosal has dismissed the speculations surrounding delay of the budget, saying the federal budget will be presented on June 10 as planned.