Decisive steps under way to stabilise region’s economy: AJK PM

MUZAFFARABAD/ISLAMABAD: Azad Jammu and Kashmir (AJK) Prime Minister Sardar Tanveer Ilyas Khan on Monday said the decisive steps are being taken to stabilise the economy of the region.

He expressed these views while addressing a press conference, where he was accompanied by Sardar Imtiaz Shaheen, Adviser on Political Affairs, Sardar Iftikhar Rashid, Special Assistant Youth, Raja Sabeel Riaz and others.

“Besides getting the Bank of Azad Jammu and Kashmir scheduled, 49 percent of its shares will be given to the business community,” the AJK PM said, adding that the AJ&K Bank has earned a profit of Rs950 million in addition to taxation and salaries during his government’s period.

He said that a skill university would be established to make the youth skillful. “Institutions on the lines of SECP and Nepra will be established in the Azad Kashmir,” he added. The PM further said the financial and administrative autonomy would be given to the department of electricity. “The power supply company is being reshaped on the pattern of Disco, which will save about Rs7 billion,” he added.

He said the department of electricity has been given the task of creating its own Disco-style institution, which will save Rs7 billion annually. The PM said that after improving the tax system, the number of taxpayers will be increased to 100,000, adding that the government was bringing investors to Azad Kashmir who were willing to invest their capital in the state.

Prime Minister Sardar Tanveer Ilyas Khan said the number of tax filers increased from 5,000 to 38,000 during the last six months, while the number of filers working in the system reached 58,000, adding that the number of tax filers would be increased to 100,000.

He further said that no economy in the world can flourish without development in the private sector, adding that in the future, the government will bring the best model of public-private partnership within Azad Kashmir.

Meanwhile, AJK President Barrister Sultan Mahmood Chaudhry chaired a meeting, which was attended by Auditor General of Pakistan/Azad Kashmir Muhammad Ajmal Gondal, Azad Kashmir chief secretary, secretary Presidential Affairs, Principal Secretary to AJK PM, secretary Finance Azad Kashmir, secretary Law Azad Kashmir, secretary Services and General Administration Department, accountant general Azad Kashmir and others.

During the meeting, it was decided that all the institutions in Azad Jammu and Kashmir should work within the constitutional framework to ensure complete transparency.