Federal cabinet grants approval to budget proposals

Finance Minister Dr Abdul Hafeez Sheikh.

ISLAMABAD: The federal cabinet on Friday approved budget proposals for the upcoming fiscal year 2012-13.

Prime Minister Syed Yousuf Raza Gilani was chairing the cabinet meeting which was briefed by Finance Minister Dr Hafeez Sheikh on budget proposals to be presented in the parliament later today following the approval.

This will be the first time in Pakistan’s history that a democratic government presents its fifth national budget during its tenure.

The finance ministry on Thursday launched the Economic Survey of Pakistan 2011-2012 – a pre-budget document highlighting the overall performance of the economy in the outgoing fiscal year.

According to the survey, Pakistan had achieved an estimated GDP growth of 3.7 per cent in the outgoing fiscal year, falling short of its targeted growth of 4.2 per cent.