A day before polls, ministry announces budget timeline

ISLAMABAD: The Ministry of Finance has shared the budget calendar and announced that the budget 2024-25 will be announced in the first week of June 2024.

The Budget Call Circular (BCC) issued by the Ministry of Finance on Wednesday stated that in terms of financial procedures laid down 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 tasked with preparing the budget as a key policy document for the federal government. The document includes the budget calendar, preparation steps and instructions, forms for Actuals (FY 2022-23), Revised Estimates (FY 2023-24), Budget Estimates (FY 2024-25), besides other forms requiring information related to receipts and current and development expenditures of the federal government.

The BCC also requires 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) have been requested 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, latest by March 11, 2024. The remaining information may also be provided as per the timeline indicated against each, including details of the Foreign Exchange Budget. In preparation for Budget Review/Priority Committee meetings, the Budget Wing, Finance Division, plans to conduct pre-budget workshops and meetings with relevant officials of all divisions, departments and other offices.