Federal Minister for Defence Khawaja Asif has said that the defense budget will need to be increased due to the financial strain caused by the rising dollar rate and current inflation.
During an interview with foreign media on Tuesday, Khawaja Asif emphasized that the depreciation of the rupee against the dollar significantly impacts the defense budget which is in PKR, however, there will be necessity to increase the budget to recover the loss.
Responding to a question, the Defense Minister stated that the Pakistani delegation during China visit decided to promote investments over loans for business in the country.
Regarding his visit to China, Asif highlighted the progress on the China-Pakistan Economic Corridor (CPEC) Phase 2, with several projects were finalized, with the Karachi to Peshawar railway line project (ML-1) is on top priority.—INP
