ISLAMABAD: Federal cabinet meeting to discuss Budget Strategy Paper for the next three years is underway in Islamabad today.
The meeting is in progress at the Prime Minister House in Islamabad. Last meeting of the cabinet was held in Sep. 2015.
Finance Minister Ishaq Dar is briefing the cabinet on Budget Strategy Paper.
According to media reports, recommendations for Fiscal Year 2016-17 will be accessible to the cabinet.
Defence budget could see an increase with sources suggesting that Finance Minister Ishaq Dar is likely to recommend it to be increased to Rs860 billion, sources claimed.
The budget volume is likely to be increased by eight percent, whereas budget deficit with respect to GDP ratio is likely to be reduced to 3 percent.
According to sources, the issue of investigation into Panama Papers leaks has prompted PM to call his cabinet after seven months
The Prime Minister has also been under tremendous pressure from opposition parties to step down since his family members were named in the mass leak of offshore account data from the Panama law firm Mossack Fonseca.
The opposition has been demanding consultation on formulation of Terms of References (TORs) for judicial commission.