MUZAFFARABAD: Azad Jammu and Kashmir Finance Minister Chaudhry Latif Akbar unveiled AJK’s Rs62 billion deficit budget for fiscal year 2014-15 on Friday.

The budget, presented in the Legislative Assembly, proposes Rs10.5bn for development works with the remaining amount – Rs51.5bn – earmarked for recurring expenditures.

Of the allocations for recurring expenditures, 92 per cent will go to salaries, pensions and allowances.

Before the finance minister could take the floor, members from opposition Muslim League-Nawaz and Muslim Conference parties staged a walkout in protest against his “false” claim that some opposition lawmakers had been consulted on preparation of the financial bill.

The minister said that the gap between the income and recurring budget, amounting to Rs7.45bn, would be bridged with the help of the government of Pakistan. He said health and education sectors had been accorded special attention in the budget.

Of the Rs10.5bn development budget, which included a foreign component of Rs500 million, 80pc would be used on ongoing projects. The remaining 20pc funds would be dedicated to new projects, whose number stood at 183, he added.

He pointed out that the ministry of Kashmir affairs and other federal ministries and divisions would spend Rs37bn in AJK on different projects during the next fiscal year.

These projects included restoration and extension of airports in Muzaffarabad and Rawalakot, Leepa and Shounthar tunnels, Taobutt-Muzaffarabad road, Lower Topa-Kohala Expressway, Islamabad-Muzaffarabad railway link, Doodniyal and Neelum-Jhelum hydroelectric projects.

SUPPLEMENTARY BUDGET: Earlier, the finance minister presented the supplementary budget for 2013-14 with a total outlay of Rs 58.93bn against Rs55.68bn as had been initially proposed.

Published in Dawn, June 21st, 2014