ISLAMABAD: The government on Tuesday approved Rs 4 billion extra defence budget for PAF in wake of deployments after crisis with India.
Rs8 billion supplementary budget has been allocated to meet additional needs of the Pakistan Air Force (PAF) and civilian armed forces, seeking financial assessment of further defence needs of the country in wake of tensions with India.
The Economic Coordination Committee (ECC) of the cabinet approved the additional budget for the PAF and management of western borders by civil-armed forces, said the Finance Ministry officials.
It has been decided to give around Rs8 billion for various purposes and nearly half of it would go to the PAF. The remaining amount is being approved for the Pakistan Rangers, civil armed forces and to pay to banks for marketing Pakistan Banao Certificates (PBC).
The ECC approved to give minimum Rs180 million or 0.75% of the total investment in the PBC –whichever is higher, to a consortium of banks that would market these certificates.
The ECC chairman, who happens to be Finance Minister Asad Umar, also directed the Ministry of Interior to analyse the defence needs of the armed forces and inform the government so that it may make required allocations.