Finance Ministry Prepares to Deliver 2024–25 Budget

It is anticipated that during the first week of June, the federal budget for the upcoming fiscal year would be revealed.

The Ministry of Finance unveiled the next fiscal year’s budget schedule the day before the election. It is suggested that all budgetary documents be completed by the end of May 2024.

It is suggested that the yearly Planning Coordination Committee and National Economic Council meetings take place during the second week of May.

It is suggested that the federal cabinet approve the budget strategy paper by April. The meeting of the Budget Review Committee is scheduled for April 5–22, 2019.

The Finance Division is responsible for creating the budget, which serves as a major policy document for the Federal Government, in accordance with the Financial Procedures outlined in Articles 78 to 88 of the Pakistani Constitution of 1973, the Rules of Business, 1973, and the Public Finance Management Act, 2019.

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The budget calendar, preparation guidelines, forms for Actuals (FY2022-23), Revised Estimates (FY2023-24), and Budget Estimates (FY2024-25), in addition to other forms requesting data on receipts, current, and development expenditures of the Federal Government, are all included in the Budget Call Circular (BCC) for FY2024–25.

In order to match revenues and expenses with global best practices and commitments, the BCC also mandates reporting on gender and environmentally friendly aspects of the federal budget. The Performance Based Budgeting Forms, Revised and Budget Estimates of Receipts, Current and Development Expenditure Forms, and other forms are respectfully requested to be submitted by all Principal Accounting Officers (PAOs) to the Budget Wing, Finance Division, at the latest by March 11, 2024. The remaining data, which includes the Foreign Exchange Budget specifics, may also be supplied in accordance with the schedule listed against each.

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The Budget Wing of the Finance Division intends to hold Pre-Budget workshops and meetings with pertinent officers/officials of all Divisions, Departments, and other offices in advance of the Budget Review/Priority Committee meetings.