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Pakistan increases its Defence Budget

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537a48ffee42cThe Pakistan government spurs its defence spending from Rs 700Bn to Rs 780Bn, an 11pc increase from the previous fiscal, to meet the military and security needs as it battles Taliban insurgency in northwest.
The increase in the defence budget was made as part of the annual budget.
Finance Minister Ishaq Dar presented budget for the fiscal year 2015-16 (FY2015-16) on June 5, showing a total outlay of Rs 4.313Tn, which is 9.1pc higher than Rs 3.9Tn of the outgoing fiscal ending on June 30.
“The government increased the defence budget by 11pc from 700Bn rupees to 780Bn rupees,” he said in the parliament.
Pakistan has been fighting Islamist insurgency for over a decade that has killed more than 50,000 people.
Thousands of others have been made homeless because of ongoing military operations.
The Finance Minister also announced 100Bn rupees (US$ 1Bn) to be allocated for the rehabilitation of thousands of families who have been forced from their homes by the insurgency.
Dar said a growth rate target of 5.5pc was set for the upcoming year which starts from July 1.
The target is higher than 4.2pc growth achieved in the outgoing year.
He also announced to achieve 7pc growth by the end government’s tenure in 2018, as the government was following the stabilization policy.
The government set the fiscal deficit target at 4.3pc of GDP compared to 5pc in 2014-15.
Dar announced 29pc increase in the developmental budget which has been increased to Rs 700Bn.
He also announced to end electricity shortages by December 2017 by adding at least 10,000 MW into the national grid.

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