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Ahead of tabling the budget for fiscal year 2023-24 in the National Assembly (NA), the cabinet approved finance bill for fiscal year 2023-24 (FY24) in a meeting held in Prime Minister’s (PM) House on Friday.

Prime Minister Shehbaz Sharif presided over the meeting which approved Rs1150billion for development budget, Rs491.3billion for infrastructure, Rs86.4billion for energy, Rs263.6billion for transport and communication, and Rs41.5billion for physical planning and construction.

Moreover, the cabinet also approved Rs99.8billion for irrigation department, Rs241.2billion for societal development, Rs22.8billion for health, Rs90billion for sustainable development, Rs60.9billion for AJK and GB, Rs57billion for tribal areas merged into KP, and Rs33.7billion for science and technology.

Addressing a meeting of the federal cabinet, PM Shehbaz said economic stability was linked to political stability, adding that attempts to ensure political instability in the last year brought an economic torpedo. "The state of Pakistan and its institutions are eager to play their role in this," he added.

It was the government’s responsibility, he said, to increase monthly wage and pension. “The government will deliberate the move,” he added. The government was also eager, he said, to bring gas prices down.

He went on to say that it was a writing on the wall that since the PDM took oath, it was its first priority to seal a deal with the IMF. “The government did all out efforts to convince the IMF,” he added.

We acted upon all prior actions recommended by the IMF, he said, adding that it would be followed by the approval from the IMF board. “I asked the IMF to show a verbal nod before we filfil all other conditions,” he added.

The PM continued by saying that the government did everything to help flood victims, adding that the country faced an economic loss of $30billion. “It was aggravated by trade loss due to Russia-Ukraine war,” he added.

Friendly countries China and Saudi Arabia supported us, he said, timely in crucial period, adding that the country’s economic situation was not suitable enough to give relief to people. “The country’s economic progress has slowed down due to global inflation and other challenges,” he added.

He said we could get expect to get good news from agriculture sector, he said, adding that we could witness significant growth in agricultural production. “The government will establish value-added chains in rural areas,” he added. It could render us, he said, the profit of billions of dollars, and would lessen the migration to cities.

He inked appointment of Sheikh Rohail Asghar as advisor on economic affairs.

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