The cabinet of Azad Jammu Kashmir (AJK) approved the budget for the fiscal year 2010-2011 amounting to Rs 47.33 billion for the year 2010-2011.
AJK Minister of Finance Chaudhry Latif Akbar presented the budget in the AJK assembly chaired by Speaker Shah Ghulam Qadir.
It is the first time in history that a deficit in the budget has been presented, which is caused by the reduction of funds by the government.
The deficit is Rs 17.5 billion. Sources said that the federal government has not yet paid Rs1.68 bn to AJK allocated to it in the 2009-10 budget.