Defence spendings should have check and balance: Sheikh

Federal Minister Abdul Hafeez Sheikh on Saturday said that a new mechanism of subsidies had been evolved to benefit only the deserving class of society.Addressing a press conference, he said that Rs 33 billion had been allocated for Benazir Income Support Programme (BISP) while an additional Rs 300 billion had been given to the provinces. He said thatthere should be a check and balance on defence spendings.Sheikh said that the government had to tighten interest rates owing to high inflation. he also declared five-year tax exemptions for factories set up with personal finances.The finance minister said that the government had to increase the fuel prices as the petroleum prices jumped up in the international market, claiming that the government had already had given a subsidy of Rs 50 billion on petroleum products in three months.He said that oil prices had been reduced in Pakistan after they were dropped in the international market.The size of the cabinet was kept limited to control expenses, besides banning the purchase of new vehicles and furniture, Sheikh said, adding that a cut was made in the petrol allowance of the government officials. He said that all civilian spending were freezed on the last year’s level.The minister said that Rs 33 billion had been allocated for Benazir Income support programme in the budget to benefit lower stratum of society.The minister said that 392 commodities had been exempted from regulatory duty and special excise had also been removed from another 100 items.He said that the government did not overlook the health and education sectors in the budget despite the ministries had been devolved to the provinces.