Cabinet approves Rs3.2 trillion budget for the fiscal year 2013-14

The budget was decided with a 4.5 Gross Domestic Product (GDP) growth.

ISLAMABAD: The Federal cabinet on Thursday approved the Rs3.2 trillion budget strategy papers for the next financial year, Express News reported on Thursday.

Federal government discussed the budget strategy papers, for financial year 2013-14, in today’s cabinet meeting. The budget was decided in relation with a 4.5 gross domestic product (GDP) growth.

Pakistan’s previous Federal Budget for fiscal year 2012-13, announced by Finance Minister Dr Abdul Hafeez Shaikh, was Rs2.96 trillion. Pakistan’s growth rate on that occasion was 3.4 per cent.

Last year on November 30, the International Monetary Fund (IMF) said that Pakistan’s growth remains too weak, underlying inflation is high and the trade balance is heading in the wrong direction. Hence, IMF urged Pakistan to reduce its large budget deficit to bolster the struggling economy.