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Finance Ministry Readies Plan to Present Budget 2024-25

The federal budget for the next financial year is likely to be presented in the first week of June.

A day before the election, the Ministry of Finance released the budget schedule for the new financial year. All budget documents are proposed to be finalized by the end of May 2024

The National Economic Council and annual Planning Coordination Committee meetings are proposed to be held in the second week of May.

 

The budget strategy paper is proposed to be approved by the federal cabinet by April. The Budget Review Committee meeting will be held from 22 March to 5 April.

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 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), besides other forms requiring information related to receipts, 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) are requested to kindly 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 11th March 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 officers/officials of all Divisions, Departments, and other offices.

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