ISLAMABAD – The federal cabinet on Friday approved the finance bill for fiscal year 2021-22 ahead of National Assembly’s session for budget of the next fiscal year.
The federal cabinet meeting was chaired by Prime Minister Imran Khan where it gave go-ahead for the Rs8 trillion budget 2021-22.
It is the third budget to be presented by the Pakistan Tahreek-e-Insaf-led government in National Assembly later today.
Earlier, the premier summoned a special session of the cabinet to approve the finance bill for the upcoming fiscal year.
Finance Minister Shaukat Tarin, who will present the budget in the assembly, briefed the cabinet on budget expenditure, revenue target, budget deficit, etc.
The government has approved 10% increase in the salaries and pensions of the government employees.
The government is likely to propose Rs1,330 billion for defence while Rs3,105 billion would be allocated for interest payments.
The government has set the economic growth rate target at 4.8% for the next fiscal year.