In a significant move towards fiscal transparency and governance, Pakistan is gearing up to present its federal budget for the fiscal year 2024-25 in the first week of June.
The announcement came through a budget call circular issued by the Ministry of Finance on Wednesday, outlining the key timelines and procedures leading up to the budget presentation.
The Finance Division’s circular has set a comprehensive timeline for the presentation of the budget to both the cabinet and the parliament during the initial week of June 2024. To facilitate this process, all Principal Accounting Officers (PAOs) have been urged to submit various crucial documents to the Budget Wing of the Finance Division by the 11th of March 2024.
These submissions include performance-based budgeting forms, revised and budget estimates of receipts, as well as forms for current and development expenditures. Additionally, detailed information regarding the foreign exchange budget is also expected to be submitted in accordance with the prescribed timeline.
To ensure an informed and inclusive budgetary process, the Budget Wing, Finance Division, is planning to conduct pre-budget workshops and meetings with relevant officers and officials from various divisions, departments, and other governmental offices. This initiative aims to foster collaboration and gather valuable insights for a well-rounded budget review.
As outlined by the Financial Procedures defined in the Constitution of Pakistan (1973), Rules of Business (1973), and the Public Finance Management Act (2019), the Finance Division bears the responsibility of preparing the budget as a key policy document for the federal government. This process underscores the government’s commitment to adhering to established legal frameworks and financial regulations.
The budget call circular for the upcoming fiscal year 2024-25 includes a comprehensive budget calendar, preparation steps, and detailed instructions. It encompasses forms for actuals (fiscal year 2022-23), revised estimates (fiscal year 2023-24), and budget estimates for the upcoming fiscal year (2024-25). Additionally, various other forms are required to be filled out, capturing essential information related to receipts, current and development expenditures of the federal government.
In a progressive step towards international best practices and commitments, the budget call circular emphasizes the reporting on gender and green components of the federal budget. This aligns with the global trend of incorporating sustainable and gender-sensitive budgeting to ensure that financial decisions support not only economic growth but also social and environmental objectives.
The announcement of the budget presentation date, combined with the detailed guidelines provided in the budget call circular, reflects the government’s commitment to a transparent and inclusive budgetary process for the fiscal year 2024-25. As Pakistan prepares to navigate economic challenges and opportunities in the coming year, the budget will play a pivotal role in shaping the nation’s financial trajectory.
