Muzaffarabad: The Pakistan controlled Kashmir (AJK) Monday presented a tax-free budget for the next fiscal year, amounting to over sixty-eight billion Pakistani Rupees.
Presenting the budget in the House, AJK Finance Minister Chaudhry Latif Akbar said, 9.5 percent increase has been made for developmental expenditure in the new budget.
The budget provides over eleven billion fifty crore rupees for development projects, during the new fiscal year while non-development expenditure have been estimated to over fifty six billion and fifty crore rupees. The deficit of over 9402.000 million rupees will be met by the federal government.
The AJK Finance Minister announced an increase in the pay and pensions of government employees, as per announced by the federal government announcement.
He said that efforts have been made in the new budget to provide solid foundation for the socio-economic uplift from the masses. He said budget envisages the provision of jobs to the unemployed educated youth.
He said Federal Ministry for Kashmir Affairs has allocated one billion eighty crore rupee 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 thirty-two billion rupees. These include construction of Muzaffarabad-Mirpur-Mang Express way, Toubut -Muzaffarabad road, Chaksawri Water Supply Scheme, Women University and Medical Colleges.
He said seven billion rupees have also been earmarked for the reconstruction projects in the quake-hit areas of Azad Kashmir.
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.
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