The budget contain Rs 12 billion for development expenditures in whole volume of the budget, Finance Minister of AJK Chaudhry Latif Akber said while presenting budget in the AJK Legislative Assembly, lower house of the AJK Parliament, which met in the AJK capital with Speaker Sardar Ghulam Sadiq in the chair.
"The new fiscal year budget carries an increase in the development funds of Rs 500 million as compared to the last year fiscal year budget of 2015-16", the minister underlined.
In his budget speech, the AJK Finance Minister Latif Akber said that it was the last annual budget presented by the incumbent PPP-led government of Azad Jammu Kashmir, which was going to finish its five-year constitutional term next month.
He claimed the new fiscal year budget as people-friendly since the welfare of the poor and down trodden - besides the common man had been focused in it, he asserted.
Elaborating the salient features of the budget, Akber said that the budget contained the estimate of the expenditures of Rs 61.50 billion besides the estimate of the income of Rs 43.70 billion.
The estimated income resources included Rs 18.85 billion from the resources of Azad Jammu & Kashmir and Rs 24.85 billion from the taxes and other due resources of Azad Jammu & Kashmir Council, due share in Federal taxes, including funds grant and water-use charges.