Islamabad: The special meeting of the federal cabinet held here with Prime Minister Syed Yousuf Raza Gilani in the chair.
The special meeting deliberated on the federal budget 2011-12 which is being presented in the parliament today.
Addressing the meeting, the prime minister said that the last fiscal year provedĀ very tough for the country. He said that the as per conservative estimates, last yearās floods inflicted Rs800 billion loss on the economy of the country. He said load shedding affected economic development , saying that now the economy was under pressure due to security situation.
Enumerating the encouraging indicators, he said that exports of the country would rise to a historic level of $24 billion in the ongoing year.Ā He said that remittance sent by Pakistan abroad were expected to touch $12 billion mark.Ā The prime minister said that rice production increased by 30 per cent, adding that due to bumper wheat crop, the country is exporting wheat after 10 years.
After thorough deliberation, the cabinet approved the budget. Earlier, Finance Minister Dr Hafiz Sheikh briefed the Prime Minister and the federal cabinet on the budget details to be presented in the parliament this afternoon.
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