The Azad Jammu and Kashmir (AJK) introduced a tax-free budget for the next fiscal year amounting to over sixty-eight billion rupees. The budget was presented in the AJK Legislative Assembly in Muzaffarabad on Monday.
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 the non-development expenditure have been estimated at over fifty six billion and fifty crore rupees. Furthermore, the deficit of over 9402.000 million rupees will be met by the federal government.
He said that efforts have been made in the new budget to provide solid foundation for the socio-economic uplift of the masses. He further said that the budget envisages the provision of jobs to the unemployed educated youth.
Latif Akbar said that the Federal Ministry for Kashmir Affairs has allocated one billion eighty crore rupees for completion of various on-going development projects in Azad Kashmir.
The Finance Minister added that various Federal Ministries will launch different developmental projects in AJK amounting thirty-two billion rupees. The projects to be carried out by federal government include the construction of Muzaffarabad-Mirpur-Mang Express way, Toubut -Muzaffarabad road, Chaksawri Water Supply Scheme, and Womens University and Medical Colleges.
Finance minister said that seven billion rupees have also been earmarked for the reconstruction projects in the quake-hit areas of Azad Kashmir.
“Asian Development Bank will provide 8.5 billion rupees for the rehabilitation of damaged infrastructure in flood affected areas” he said.
Similarly, the Islamic Development Bank will also provide over five billion rupees for the completion of 337 educational institutions in quake and flood hit areas.
The Finance Minister also announced launching of Prime Minister Green Cab Scheme to overcome unemployment in the State.
