The Ministry of Finance (MoF) is going to grant Rs 47 billion to the Gilgit Baltistan (GB) government for the next fiscal year.
Federal Minister of Finance, Shaukat Tarin chaired a meeting with Gilgit-Baltistan Chief Minister, Muhammad Khalid Khursheed, GB Finance Minister Javed Manwa, GB Chief Secretary Asif Daman, and other officials of the Ministry on Wednesday to discuss budget proposals, forwarded by the regional government.
In the meeting, the provincial Secretary, Finance presented the details of the financial requirement of the regional government’s administration during the current and forthcoming budget.
Shaukat Tarin agreed to cooperate with the GB government to provide additional funds during the next fiscal year and stressed the GB government to rationalize the financial requirement as the federal government was strictly following the financial discipline.
An amount of Rs 47 billion was granted by MoF to the Gilgit Baltistan government for the next fiscal year. The GB government had demanded Rs 60 billion to meet the expenses of administrative affairs, employment, promotion of employment, and other non-development expenses.
The Finance Minister approved the provision of additional subsidy incurred on the purchase of wheat, issuance of NOCs for purchasing of vehicles to monitor development activities, purchase of school busses health ambulances, excavators, road making machinery, an operational vehicle for education, health works, water and power emergency services and law enforcing agencies.
Projects costing around Rs 100 billion envisaged for GB
Gilgit-Baltistan Finance Minister said that that the federal and regional governments were working on a historic development budget, worth around Rs 100 billion which includes Rs 74 billion development fund under the Integrated Development Plan and Rs 25 billion of Annual Development Plan.
The sources said that Shaukat Tarin said that the government intends to start the projects of hydro-power generation, increase tourism and imparting vocational training, and granting scholarships for the youth under the GB Development program.