The federal budget for the upcoming financial year is anticipated to be presented during the first week of June.
A day before the election, the Ministry of Finance unveiled the budget schedule for the new financial year. All budget documents are expected to be finalized by the end of May 2024. The National Economic Council and annual Planning Coordination Committee meetings are proposed to convene in the second week of May.
The budget strategy paper is slated for approval by the federal cabinet by April. The Budget Review Committee meeting is scheduled to take place from March 22 to April 5.
According to the Financial Procedures outlined in Articles 78 to 88 of the Constitution of Pakistan, 1973, the Rules of Business, 1973, and the Public Finance Management Act, 2019, the Finance Division is responsible for preparing the budget as a key policy document for the Federal Government.
The Budget Call Circular (BCC) for FY2024-25 includes the budget calendar, preparation steps and instructions, forms for Actuals (FY2022-23), Revised Estimates (FY2023-24), Budget Estimates (FY2024-25), along with other forms requiring information related to receipts, current and development expenditures of the Federal Government.
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The BCC also mandates reporting on gender and green components of the Federal Budget to align revenues and expenditures with international best practices and commitments.
All Principal Accounting Officers (PAOs) are urged to submit the Performance Based Budgeting Forms, Revised and Budget Estimates of Receipts, Current and Development Expenditure Forms, as well as other forms to the Budget Wing, Finance Division, no later than March 11, 2024. Remaining information should also be provided according to the specified timeline, including details of the Foreign Exchange Budget.
In preparation for Budget Review/Priority Committee meetings, the Budget Wing, Finance Division intends to conduct Pre-Budget workshops and meetings with relevant officers/officials of all Divisions, Departments, and other offices.