National Assembly Approves Rs. 2,149.82 Billion Budget for Ministry of Defense

The approvals underscored strategic financial planning aimed at enhancing national security and bolstering key sectors crucial for Pakistan’s development trajectory.

ISLAMABAD: The National Assembly has advanced the federal budget for the fiscal year 2024-25, approving significant allocations including Rs. 2,149.82 billion for the Ministry of Defense. The budgetary process witnessed the approval of various ministry and division demands, highlighting key financial priorities.

In addition to the defense budget, approvals included Rs. 18.32 billion for the Intelligence Bureau, Rs. 1.36 billion for district courts in Islamabad, and Rs. 26.17 billion for the aviation division. Further allocations encompassed Rs. 7.26 billion for climate change initiatives, Rs. 22.73 billion for the Ministry of Commerce, and Rs. 65.31 billion for the communication and defense production divisions.

The approvals underscored strategic financial planning aimed at enhancing national security and bolstering key sectors crucial for Pakistan’s development trajectory.

PM Approves Joint Venture to Bring Chinese Industries to Pakistan

ISLAMABAd:  Prime Minister Muhammad Shahbaz Sharif chaired a significant meeting at the Board of Investment, where approval was granted for a joint venture between Chinese and Pakistani companies aimed at transferring industries to Pakistan.

Highlighting the government’s commitment to fostering both local and foreign investment, the Prime Minister emphasized creating a conducive environment for business growth. He underscored the potential for industries like textiles, leather, and footwear to relocate from China to Pakistan.

Following directives from the Prime Minister during his recent visit to China, efforts are underway to expedite the Memorandum of Understanding (MoU) implementation between Pakistani and Chinese firms in Shenzhen. Additionally, revisions to the draft law on Special Economic Zones are being prioritized.

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The Secretary of the Investment Board briefed attendees on progress made towards facilitating the relocation of Chinese industries and the establishment of the Islamabad Business Facilitation Center. Plans are underway to submit the draft Act for easy business facilitation to the Cabinet Committee on Legislative Affairs.

The meeting was attended by key ministers including Abdul Aleem Khan, Jam Kamal, Muhammad Aurangzeb, Dr. Mossadegh Malik, and Rana Ehsan Afzal, alongside senior government officials.