Wednesday, Jun 08, 2005
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ISLAMABAD: Pakistan on Tuesday announced Rs. 1,098 billion ($18.4 billion) annual budget for the fiscal year 2005-06, with defence allocation covering almost 25 per cent of the total outlay. The government increased defence spending to Rs. 223.5 billion ($3.74 billion) from last year's Rs. 216 billion ($3.62 billion). Minister for Finance Omar Ayub, while presenting the budget in the National Assembly, cited Pakistan's continued commitment to safeguard territorial integrity as the reason for the increase. ``Our Government remains committed to a strong defence and preservation of country's security and territorial integrity,'' said Mr. Ayub, grandson of a former Pakistani President, Field Marshal Gohar Ayub Khan. The Government allocated last year Rs. 193.9 billion ($3.25 billion), which were later revised upwards by Rs. 216.3 billion ($3.62 billion). Mr. Ayub said the defence spending would be kept at 3.1 per cent of the GDP. — UNI
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