The federal cabinet on Tuesday approved the federal budget for the year 2014-15, with a total outlay of Rs3.945 trillion, and a Public Sector Development Programmed allocated at Rs525billion.

Finance Minister Ishaq Dar told parliament n his budget speech that he aimed to reduce the budget deficit to 4.9 per cent of economic output in the 2014-15 fiscal years from 5.8 per cent a year earlier.

Budget spending has been set at Rs3.8 trillion ($39.3 billion), while tax revenues that Pakistan would be able to collect in the next fiscal year are estimated at 3.94…