Pakistan successfully test-fired a short-range surface-to-surface multi-tube missile; India-Pakistan hold oil talks; Pakistan successfully test-fired Hatf-VIII cruise missile; Pakistan Finance Minister Dr Abdul Hafeez Sheikh on presented the budget to th
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    • (MAY 28-JUNE 3)

    According to reports, Pakistan has successfully test-fired an indigenously developed short-range surface-to-surface multi-tube missile on May 29, 2012. The Hatf IX (NASR) has a range of 60 kilometres and can carry nuclear warheads with high accuracy and possesses shoot and scoot attributes. 1

    In another development, according to reports, India and Pakistan opened talks on May 29, 2012 on Pakistan importing oil from its eastern neighbour in a bid to ease a crippling energy crisis. The talks were held by senior civil servants from both countries’ petroleum ministries Islamabad. Meanwhile, India has offered to export petroleum products to Pakistan to help it overcome an energy crisis which cripples the country’s industry and leaves millions of people suffering during the hot summers and chilly winters. “India has surplus petroleum products and wants to export it to Pakistan. If we can save some money by buying it from India, we will buy it from them,” a senior official at Pakistan’s petroleum and natural resources ministry said. 2

    In another missile test, Pakistan on May 31, 2012, successfully tested the indigenously developed Hatf-VIII cruise missile. The nuclear-capable missile, with a range of over 350 kilometres, enables Pakistan to achieve strategic standoff capability on land and at sea. The cruise missile with stealth capabilities is a low altitude, terrain hugging missile with high maneuverability and can deliver nuclear and conventional warheads with complete accuracy. 3

    In other developments, according to reports, amid much uproar from the opposition benches, Finance Minister Dr Abdul Hafeez Sheikh on presented the budget to the Parliament for the upcoming fiscal year 2012-13 on June 01, 2012. The minister said gross federal revenues have been estimated at Rs. 3,234 billion during 2012-13 as compared to Rs. 2,732 billion budgeted for 2011-12, reflecting an increase of 18.3 per cent. Dr Hafeez Sheikh told the parliament that the government has set an inflation target of 9.5 per cent, fiscal deficit of 4.7 per cent, national development outlay of Rs 873 billion with a federal Public Sector Development Program (PSDP) of Rs 360 billion, and a revenue target of Rs 2504 billion. 4

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