Fiscal plan foresees revenue at Rs543m with deficit to be met through federal grant.
The annual budget of Gilgit-Baltistan Council worth Rs826 million against revenue target of Rs543 million was presented for the year 2013-14 at Ministry of Kashmir Affairs and Gilgit-Baltistan (G-B) on Friday.
The deficit will be met through federal grants, Minister for Kashmir Affairs and G-B Chaudhry Barjees Tahir said while unveiling the budget. G-B Governor Pir Karam Ali Shah as the vice chairman of G-B Council chaired the session.
The budget will be passed in the next session on November 26, which Prime Minister Nawaz Sharif will preside as chairman of the council.
Out of the total outlay, an amount of Rs325 million was allocated for development spending and the remaining for current expenditures.
Allocation of Rs145 million has been proposed for the construction of the G-B Council building in Islamabad. The document proposes allocation of Rs20 million for each member of the council, who would spend the funds for development.
Besides, the budget also recommended 10% increase in the allowances of the government employees in G-B bringing them at par with the allowances of the federal government employees.
Barjees Tahir said the federal government wants Council members to play an active role in the development of the area.
“The government will utilize maximum resources for the uplift of Gilgit-Baltistan to bring its status of development at par with provinces of the country,” said the minister. He said development of G-B is important as the region could be the economic corridor in the future.
“There is tremendous potential in the region in the area of hydroelectricity generation, tourism and minerals which will be tapped for the welfare of the area people,” said the minister.