Govt to meet navy's financial needs: Dar
09 August, 2013
ISLAMABAD: The Ministry of Finance on Thursday assured its full support and due consideration to the financial requirements of Pakistan Navy in maintaining its capabilities to defend the country's frontiers at sea.
Pakistan Navy's share in the overall defence budget was around 12% few years ago that has reduced to 5% and owing to this Pakistan Navy is unable to meet its operational and other requirements, especially naval defence imports, according to official sources.
Naval chief Admiral Asif Sandila called on the Finance Minister Ishaq Dar on Thursday. During the meeting, which lasted for about an hour, various matters were discussed, including Pakistan's internal and external security situation and steps being taken by the government to bring peace and stability to the country.
The naval chief thanked the finance minister for giving due consideration to the financial requirements of Pakistan Navy.
The minister assured the naval chief that although the revenue shortfall of Rs 441 billion last year and the settlement of old circular debt of Rs 503 billion in the power sector had increased financial constraints, defence of the country remained the government's main priority.
The minister also said that enhanced defence capabilities required a strong economy and society, adding that the government was focused on accelerating the pace of socio economic development in the country.