ISLAMABAD: The 42nd session of National Assembly would be held on June 1, to present and approve Budget-2012-13 for next financial year.

Minister for Finance, Dr Abdul Hafeez Sheikh, would present federal Budget 2012-13 in the National Assembly with the purpose of stabilising the economy, achieving growth with equitability, consolidating the budgetary management reforms and widening public financial management system.

The Finance Minister is likely to present budget in the first week of the session of the National Assembly.

According to Senate Secretariat source, the Senate session would also be summoned on the same day (June 1) during which Budget 2012-13 would be laid.

After presenting budget in the National Assembly, debate would start on it, which may continue for three weeks. On the other hand, Senate would discuss the budget and present its recommendations on it within 14 days to Lower House of the Parliament.

The sources said that the budget is likely to be approved by the National Assembly in the last week of June.

According to a circular released by the National Assembly Secretariat, Acting President Syed Nayyar Hussain Bukhari has summoned the session of the National Assembly on 1st June, 2012 at 5:30 p.m in Parliament House.

The President has summoned the National Assembly session in exercise of powers conferred by clause (1) of Article 54 of the Constitution of Islamic Republic of Pakistan.

This session will be the 42nd session of the 5th Parliamentary year of the incumbent National Assembly.

Copyrights Business Recorder