AJK Budget 2015-16 Complete Detail





AJK Budget 2015-16 Complete Detail

Rs11.50b for development expenditure; Rs56.50b for non-development; 9.5pc hike in uplift budget

ajk budget 2015-16

Tuesday, June 16, 2015 – Muzaffarabad—Rs. 68 billion tax-free budget of Azad Jammu & Kashmir for the next fiscal year 2015-16 was announced on Monday.

Tabling the budget in Azad Jammu & Kashmir Legislative Assembly, which met in the liberated State’s capital city of Muzaffarabad Monday morning with the Deputy Speaker Shaheen Kousar Dar in the chair, AJK minister for Finance, Planning and Development Chaudhry Latif Akbar said that the budget involved 9.5 percent increase in developmental expenditures during the new financial year.

The minister continued that the budget provides over Rs. 11.50 billion for development projects during the new financial year. Whereas over Rs. 56.50 billion have been estimated for non-development expenditures, he added.

The deficit of over Rs. 9402.00 million will be met by the grant from government of Pakistan, Akber underlined. The AJK Finance Minister revealed that an increase in the salaries and pensions of the AJK government employees has also been made as per announced by the government of Pakistan in the new fiscal year federal budget. He disclosed that despite the limited financial resources, the AJK government has restored the commutation plan for the retired employees of AJK government at the pattern of the federal government.

“It is the first-ever budget in the history of AJK which also involved the foreign aid of Rs. 500 million”, the minister stated.

Ch. Latif Akber announced that the new fiscal year budget also envisages the government’s resolve to provide solid foundation for the socio-economic uplift from the masses at the grass-root level.

“Besides, priorities have been fixed in the budget to provide employment opportunities for the jobless educated youth”, he stated. The Finance Minister also announced launching of Prime Minister’s Green Cab Scheme to wipe out unemployment from the liberated territory.

The AJK finance minister underlined that the Federal Ministry for Kashmir Affairs has allocated Rs. 1.80 billion for the completion of several of under-construction development projects of public welfare in different parts of AJK. “Besides, over Rs. 32 billion development projects of public welfare are also ready to be launched by various federal ministries in different parts of AJK under the spirit to ameliorate the life style of the common man in Azad Jammu Kashmir”, he revealed. He added that these mega projects include construction of Muzaffarabad-Mirpur-Mang Express way, Toubut-Muzaffarabad Highway, Chaksawri Water Supply Scheme in Mirpur district, Women University and Medical Colleges.

Latif Akber said that Rs. 07 billion have also been allocated for the development projects in the wake of reconstruction and rehabilitation of life quake-hit AJK Zone.

The AJK finance minister stated that Asian Development Bank will provide Rs. 8.5 billion for the rehabilitation of damaged infrastructure in flood-hit areas of AJK during the new fiscal year. Besides, the Islamic Development Bank is also set to provide over Rs. five billion financial assistance for the completion of 337 educational institutions in quake and flood hit areas.

Stating the significant features of the budget 2015-16 the Finance Minister affirmed that from total revenue collection, an amount of 20,527.400 million rupee will be generated from state resources whereas Rs. 780 million as water uses charges of Mangla, Rs. 13,000.0 million as 80% of income tax from AJ&K Council and a share of Rs. 16,750.0 million will be collected from federal tax share.

He disclosed to the house that recurring budget for the fiscal year 2015-16 has been estimated as Rs. 56,500.0 million and the sectors from which government is likely to generate income is estimated are as follows: 5,520.00 million from Provincial Excise, 27.000 million from Land Record and Settlement, Rs. 140.000 million from Stamps, Forest 325.00 million, Registration 50.00million. Jails 0.200 million, Administration of Justice 73.00 million, Rs. 0.200 from jails, home department 40.00 million, education 145 million, health 70.000 million, Agriculture 3.600 million, Animal husbandry 30.000 million, Industries, Labor & Minerals 30.000 million, Sericulture 4.000 million, miscellaneous 1,467.600 million, Communication and Works 170.00 million, Electricity 11,000.0 million, Printing Press 15.00 million, Armed Services board 22.000 million, Religious Affairs 30.000 million, Food 1,320.00 million, Tourism, Wild Life & Fisheries are estimated to contribute Rs. 45.00 million. The Minister for Finance told the House those 3,960.000 million rupees are to be adjusted as overdraft payable to State Bank of Pakistan. Total revenue generation has been estimated as 56,500.00 million with Rs. 9,402.600 million deficits which will be met by the federal government.

 





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