KL NEWS NETWORK
Govt of Pakistan-administrated Kashmir Monday presented its Rs 68 billion (Rs 6800 crores in Pakistani currency) tax-free budget for the next fiscal year.
The budget provides over Rs11.5b for development projects during the new fiscal year while non-development expenditure has been estimated to over Rs 56 b. The deficit of over Rs9.4 b will be met by the federal government.
Presenting the budget in the House, AJK Finance Minister Chaudhry Latif Akbar said that 9.5 percent increase has been made for developmental expenditure in the new budget.
The finance minister also announced an increase in the pay and pension of government employees as per announced by the federal government announcement.
“Efforts have been made in the new budget to provide solid foundation for the socio-economic uplift from the masses,” the finance minister said. “This budget envisages the provision of jobs to the unemployed educated youth.”
Ch Latif said that the Federal Ministry for Kashmir Affairs has allocated Rs1.80b for completion of various on-going development projects in “Azad Kashmir”.
The finance minister said that various Federal Ministries will launch different developmental projects in AJK amounting Rs 32b. These include construction of Muzaffarabad-Mirpur-Mang Express way, Taobat-Muzaffarabad road, Chaksawri Water Supply Scheme, Women University and Medical Colleges.
Rs7 billion have also been earmarked for the reconstruction projects in the quake-hit areas of PaK, according to the minister.
Chaudhry Latif Akbar said that Asian Development Bank will provide 8.5 billion rupees for the rehabilitation of damaged infrastructure in flood affected areas.
Similarly, the Islamic Development Bank will provide over five billion rupees for the completion of 337 educational institutions in quake and flood hit areas. The finance minister announced launching of Prime Minister Green Cab Scheme to overcome unemployment in the State.