Federal Budget 2008-09 size up at Rs2384b

The federal cabinet budget meeting for giving an approval to the budget proposals has started here. Sources said that the volume of the federal budget 2008-09 stands at Rs2384 billion, which included Rs296 billion for defense, Rs147 billion for administrative expenditures, Rs523 billion for the pay back of loans and its interests and Rs550 billion for the public sector development program. The budget envisages a target of Rs582 billion for deficit financing, while the FBR has been assigned a target of Rs1250 billion for tax recovery and the total revenue target of Rs1803 billion and at the same time, it is hoped that Rs489 billion would be achieved on account of non-tax revenue.