ISLAMABAD (Dunya News) – Federal Finance Minister Muhammad Aurangzeb presented the finance bill 2024 in the National Assembly.
In the federal budget, a significant amount of Rs2,122 billion was allocated for defence. Apart from that, Rs9700 billion was allocated for interest payments on loans.
The allocation of Rs2,122 billion for defence spending reflects a 17.62 percent increase over Rs1,804 billion budgeted for the fiscal year 2023-24.
The federal government had allocated Rs920 billion in the federal budget for the year 2017-18, Rs1,100 billion in 2018-19, Rs1,153 billion in 2019-20, Rs1,289 billion in 2020-21, Rs1,370 in 2021-22 and Rs1,563 billion in the budget for the year 2022-23 for defence sector.
This allocation encompasses 29 key projects, reflecting government's commitment to enhancing military infrastructure and technology. Rs3.92 billion have been earmarked for nine ongoing projects within the Ministry of Defence. These projects are crucial for maintaining and upgrading existing defence systems and infrastructure.
In addition to this, a substantial amount of Rs1.7 billion has been allocated for 20 new schemes aimed at addressing emerging security challenges and advancing the country's defence preparedness.
This includes Rs400 million designated for the procurement of drones, which will be utilised for law enforcement and emergency search and rescue operations. This underscores government's focus on modernising defence tools and technologies.
The budget also proposes Rs50 million for the construction of a Research and Regional Center in Islamabad. This facility is expected to serve as a hub for cutting-edge defence research and development, fostering innovation and self-reliance in military technology.
Besides, Rs38 million have been allocated for construction of FG Junior Public Schools in Gwadar and Gilgit to improve educational infrastructure in strategic locations.
In addition, Rs300 million will be spent on construction of an Academy Block at the National University of Pakistan in Islamabad, aimed at enhancing educational facilities for defence personnel.
Another notable allocation is Rs620 million for buying land to establish a Medical City which is aimed at improving healthcare services for defence personnel and their families.
Moreover, Rs860 million have been reserved for the National Aerospace Science and Technology Pak Aviation City in Pakistan.