MUZAFFARABAD: The Azad Jammu and Kashmir (AJK) government unveiled a deficit budget for Fiscal Year 2015-16 in the Azad Jammu and Kashmir (AJK) Legislative Assembly on Monday.
The total volume of the budget is around Rs68 billion, of which an estimate of Rs56.5 billion has been allocated for non-developmental or recurring expenditures and Rs11.5 billion for developmental activities.
The budget presented in the House by AJK Finance Minister Chaudhry Latif Akbar 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.
The Finance Minister announced launching of Prime Minister Green Cab Scheme to overcome unemployment in the State.
He said seven billion rupees have also been earmarked for the reconstruction projects in the quake-hit areas of Azad Kashmir.
Chaudhry Lateef Akbar said that Asian Development Bank will provide 8.5 billion rupees for the rehabilitation of damaged infrastructure in flood affected areas.
Similiarly, the Islamic development Bank will provide over five billions 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.
Elaborating the priorities of the budget Finance Minister said that focus has been laid to communication, power development, education, health, tourism, local government and rural development sectors.
Government has also propsoed in the budget to establish an Islamic University at Mirpur.
Earlier, The AJK cabinet at its meeting approved the budget proposals for the next fiscal year.
