ISLAMABAD (News Desk) – Federal Minister for Planning, Reforms, and Development Chaudhry Ahsan Iqbal has said that Pakistan’s development budget will soon exceed its defense budget and annual foreign debt payments.

Talking to newsmen in Islamabad, the minister said that the government will provide development funds to different areas of the country on an urgent basis and that increase in development budget is prerequisite to make the country a knowledge-economy.

Responding to a query he said that a 5.5 percent economic growth rate was expected in the fiscal year 2015-15, however it remained 4.7%. The situation will improve in the coming years and development projects will be given a greater share of resources, he added.