Pakistan unveils 31 bln dollars pro-development budget

Pakistan on Saturday unveiled an over 1.87-trillion-rupee (about 31 billion U.S. dollars) budget for the upcoming 2007-2008 fiscal year (July 2007 to June 2008), which envisages a pro-development expenditure.

The budget was presented by Pakistani State Minister of Finance Omar Ayub Khan in the National Assembly, lower house of the parliament.

It proposes a record 520-billion-rupee allocation for development and welfare of people, out of which 52 percent will be spent on infrastructure development and 48 percent on welfare of people and on social sector.

Under the budget, Pakistan will spend 275 billion rupees on the defencs of the country, up from 250 billion rupees of last fiscal, so as to secure a "credible deterrence and invincible defence."

Khan said the government has also decided to increase pension of government pensioners by 15 to 20 percent, and minimum monthly wage for unskilled workers will also be increased from 4000 to 4500 rupees.

Besides, to expand the access to daily edibles at lower prices to more people, the government has decided to increase the number of Utility Stores by additional 5000 and provide a utility store at every Union Council in the next 4 months.

Pakistan also decided to spend more on measures to facilitate youth employment, water purification, expand electricity supply and medical access, etc.

As the country's economy entered the fourth year (the fiscal 2006-2007) of above 7.0 percent growth, its poverty headcount had fallen from one-third to less than one-fourth of the 160 million- strong population, according to a government economic survey unveiled on Friday.

The survey said Pakistan's per capita income in dollar term has grown at an average rate of 13 percent per annum during the last five years rising from 586 dollars in 2002-2003 to 833 dollars in 2005-2006 and further to 925 dollars in 2006-2007.

Source: Xinhua