Pakistan's federal cabinet meets to approve budget

The Prime Minister of Pakistan, Nawaz Sharif chaired a meeting of the federal cabinet in capital city Islamabad on Wednesday to approve the state budget. The federal budget after approval of the cabinet will be presented in National Assembly in the session called on Wednesday. The overall size of the budget is about Rs 3.5 trillion. The reduction in subsidies was proposed while the tax revenue target has increased to meet Rs 2.75 trillion. The Finance Minister, Ishaq Dar will present the budget in a National Assembly session later on Wednesday after approval from cabinet. The Finance Minister claimed to end the issue of circular debt within two months.