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Pakistan hikes defence budget by 11 pct in new budget

Xinhua, June 6, 2015 Adjust font size:

Pakistan on Friday announced an 11-percent increase in defence allocations of the new budget for financial year 2015-16 which begins from July 1.

Finance Minister Ishaq Dar presented the budget in the parliament, saying 780 billion rupees (7.8 billion U.S. dollars) have been allocated for defence in the total outlay of 4,313 billion rupees. A total of 700 billion rupees had been earmarked for defence in the outgoing budget of 2014-15.

The minister said the defence spending have been increased as the armed forces are engaged in flushing out terrorists through the ongoing operation in North Waziristan tribal region.

He said 100 billion rupees are being allocated in the next budget for future security arrangements and return of the displaced persons of North Waziristan.

The minister said the federal government has decided to provide various incentives and tax exemptions in the terrorism-hit northwestern Khyber Pakhtunkhwa province to flourish business and industries to overcome the losses incurred due to terrorism and extremism.

He said 248 billion rupees are being allocated for energy sector with an objective to generate additional cheap electricity and overcome load-shedding by 2017.

Dar also announced Public Sector Development Program (PSDP) amounting to over 1,513 billion rupees.

Out of this, 700 billion rupees have been earmarked for the development projects to be carried by the federal government while the remaining will be disbursed amongst the federating units for their development programs.

The minister said 62 billion rupees are being allocated for China-Pakistan Economic Corridor Project. In the first phase, western alignment of the corridor will be completed with priority so that economic benefits can reach the people there. Endi