PaK unveils Rs 94.41 bn deficit budget

TARIQ NAQASH
Muzaffarabad, Publish Date: Jun 16 2017 1:50AM | Updated Date: Jun 16 2017 1:50AM
PaK unveils Rs 94.41 bn deficit budget

The PML-N government in Pakistan administered Kashmir (PaK) on Thursday unveiled its first fiscal document for 2017-18 with a total volume of Rs 94.41 billion, including a record deficit of Rs 13 billion. The budget presented by Finance Minister Dr Najeeb Naqi proposes Rs 23.28bn, including a foreign aid of Rs 1.8bn, for development activities - almost 25 percent of total budget - and Rs 71.13bn (75 percent) for the recurring expenditures. According to budget books, the federal finance division has set an income target of Rs 62.4bn for AJK for the next fiscal year and has committed to provide Rs 13bn as ‘grant-in-aid for revenue deficit.’ The proposed income includes Rs 20.8bn from PaK’s internal resources, Rs 1.3bn from Mangla dam water use charges; Rs 14.3bn from PaK Council as 80pc share in direct taxes generated from AJK territory; and Rs 26.5bn as share in the federal taxes.