News Brief
Pakistan's Kashmir Solidarity Bid Dampened As India's J&K Allocation Surpasses Its IMF Appeal For Entire Nation By 4.5 Times
Bhuvan Krishna
Feb 06, 2024, 02:00 PM | Updated 02:00 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
India has announced an interim Budget of $14 billion for fiscal 2024-25 for the Union Territory of Jammu and Kashmir, 4.5 times greater than the amount sought by Pakistan for its entire nation from the International Monetary Fund (IMF), to address ongoing economic challenges according to a report from Livemint.
The Washington-based financial body had granted a $3 billion bailout package for Pakistan.
Interestingly, Finance Minister Nirmala Sitharaman presented the interim budget on the same day Pakistan observed "Kashmir Solidarity Day."
The budget proposal reflected a significant commitment to the economic development of Jammu and Kashmir.
Sitharaman highlighted the impactful reforms implemented in 2019, enabling the union territory government to implement groundbreaking measures such as decentralising governance structures, fostering inclusive development, enhancing revenue generation, and advancing infrastructure projects.
"The Government remains committed to maintaining law and order to ensure security while concurrently implementing initiatives for economic and social progress. A zero-tolerance policy against terrorism has been adopted," stated the Finance Minister.
She further noted that security forces have taken decisive and sustained action against terrorism, leading to significant improvements in the situation.
In January, the IMF sanctioned a USD 700 million loan tranche for Pakistan under the existing USD 3 billion bailout package, following the completion of the first review of the country's economic reform programme.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Bhuvan Krishna is Staff Writer at Swarajya.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.