ISLAMABAD (Online) - National Assembly Standing Committee on Defence has approved defence budget of over Rs500 billion for the next financial year. The Committee met here on Thursday under its Chairperson Dr Afzal Azra Paleejo here on Thursday in Parliament House to review different proposals presented by Ministry of Defence in connection with defence budget for next fiscal year. Defence Secretary Athar Ali Khan and senior officers of GHQ briefed the committee in detail about the budget and requirements of defence institutions. They told that the defence budget for the current financial year stands at Rs 442 billion while security expenses are far greater. Its due share was not being provided to army out of funds being received under Coalition Support Fund (CPF), they added. Sources told Online that official of Ministry of Defence said in the committee that only 900 million dollars had been provided to Army. 'Not a penny has been given to army out of the funds received under CPF during the current year, committee was told. Officials told the committee that defence requirements of Air Force and Navy had increased besides Army and new equipment would have to be procured keeping in view the prevailing defence scenario. Standing committee paid rich tributes to the Armed Forces for the unprecedented services rendered by them during war on terror saying the whole nation was with the Armed Forces for the sake of defence and integrity of the country. Talking to media men after the meeting,Dr Azra Afzal told defence requirements of Armed Forces were reviewed at length during the meeting and approval had been accorded for an increase by 18 per cent in the defence budget for the upcoming fiscal year in the wake of growing inflation. She told 25 per cent of defence budget was spent on purchase of defence equipment and needs of army had been increased due to war on terror. Therefore, decision had been taken to enhance defence budget, she added.