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Pakistan cuts PoK development budget, raises money for Chinese projects
The Pakistani federal government has significantly reduced the developmental budget for Pakistan-Occupied Kashmir (PoK), which includes Gilgit-Baltistan; and raised money for Chinese projects in the country in its national development programme worth a record Rs 4.083 trillion ($14.4 billion).
Islamabad cited 'tight control of the International Monetary Fund (IMF)' for its controversial move.
Minister for Planning and Development Ahsan Iqbal admitted the country faced 'some limitations with the IMF programme and thus the challenge ahead was to leverage the limited resources to achieve maximum returns from each project.'
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PoK budget slashed by 16%
The Pakistani government has slashed the budget for the PoK by 16 per cent, from 75 billion Pakistani rupees to 63 billion ($222 million).
Pakistani newspaper Dawn reported that the region would be 'handicapped by lower allocations'.
Ahsan Iqbal said that 'the majority [of allocation] is for water, power and highway sector,' with most of the projects being operated by the Chinese.
Budget raised for Chinese projects
Islamabad has raised allocation for Diamer-Bhasha Dam as well as the Hyderabad–Sukkur Motorway, both are being developed by the Chinese.
In May 2020, the Pakistani government had signed a 442 billion PKR contract with a joint venture of China Power and Frontier Works Organisation (FWO), an engineering arm of the Pakistani Army, for the construction of the Diamer-Bhasha dam.
Meanwhile, The M-6 Motorway or the Karachi port-Sukkur–Hyderabad Motorway is being built as a part of the China-Pakistan Economic Corridor (CPEC).
Interestingly, Islamabad has allocated Rs1 trillion development budget for the upgradation of the N-25 Highway in Balochistan, which runs from Chaman to Karachi through Quetta.
'Prime Minister Shehbaz Sharif has directed that Rs120 billion ($426.7 million) be allocated for N25 Chaman-Quetta-Karachi Expressway,' Iqbal said at a press conference in Islamabad.
This upgradation too is happening under the ambit of the CPEC. However, the Pakistani government earlier claimed its upgradation was being financed by savings from reduced global oil prices.
The 2025–26 budget is expected to be presented by Finance Minister Muhammad Aurangzeb in Pakistan's lower house of parliament on June 10, following the Eid Al-Adha holidays.
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