ISLAMABAD: The special meeting of the federal cabinet, chaired by Prime Minister Yousuf Raza Gilani, approved budget for the fiscal year 2011-2012, Geo News reported.

The meeting was informed that national forex reserves have reached at record 17 billion dollar, while about 12 billion dollar in remittance is expected.

It was also informed that Rs730 billion are allocated for development projects in the current budget.

Finance Minister Dr Hafiz Sheikh briefed the Prime Minister and the federal cabinet on the budget details to be presented in the parliament today.