Pakistan's Finance Minister Ishaq Dar is set to unveil on Friday Rs 14.5 trillion annual budget for 2023-24 that includes a staggering 66 per cent hike in the discretionary budget of parliamentarians, a decision that might push the cash-strapped country towards a looming default due to shrinking foreign reserves.

Pakistan government on Wednesday approved a 66 per cent increase in the discretionary budget of parliamentarians, reaching a record Rs 116 billion for the outgoing fiscal year, reported the Express Tribune newspaper.