Islamabad, March 20, 2024 – The newly formed government under the leadership of Prime Minister Shehbaz Sharif is gearing up to present its inaugural budget for the fiscal year 2024-25 in early June 2024, marking a crucial milestone for Pakistan’s economic agenda.
Following the General Elections held on February 8, 2024, which saw the Pakistan Muslim League-Nawaz (PML-N) emerging as the ruling party, the task of formulating the budget for the upcoming fiscal year has posed significant challenges given the prevailing economic conditions.
Sources within the Ministry of Finance revealed that Pakistan is making preparations to unveil its federal budget for the fiscal year 2024-25 during the first week of June. The announcement was formalized through a budget call circular issued by the Ministry of Finance, delineating key timelines and procedures leading up to the budget presentation.
The circular, issued on Wednesday, outlined a comprehensive timeline for presenting the budget to both the cabinet and the parliament in early June 2024. To streamline this process, all Principal Accounting Officers (PAOs) have been urged to submit crucial documents to the Budget Wing of the Finance Division by March 11, 2024.
These submissions encompass performance-based budgeting forms, revised and budget estimates of receipts, as well as forms for current and development expenditures. Detailed information regarding the foreign exchange budget is also expected to be provided within the stipulated timeline.
In an effort to ensure a thorough and participatory budgetary process, the Budget Wing, Finance Division, plans to conduct pre-budget workshops and meetings involving relevant officers and officials from various governmental divisions and departments. This collaborative approach aims to gather diverse insights for a comprehensive budget review.
Adhering to the financial procedures outlined in the Constitution of Pakistan (1973), Rules of Business (1973), and the Public Finance Management Act (2019), the Finance Division holds the responsibility of preparing the budget as a fundamental policy document for the federal government. This underscores the government’s commitment to upholding established legal frameworks and financial regulations.
The budget call circular for the fiscal year 2024-25 includes a detailed budget calendar, preparation steps, and instructions, encompassing 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 capture essential information related to receipts, current and development expenditures of the federal government.
In a progressive move towards international best practices, the budget call circular emphasizes reporting on gender and green components of the federal budget. This reflects a global trend towards sustainable and gender-sensitive budgeting, ensuring that financial decisions align with social and environmental objectives.
The announcement of the budget presentation date, coupled with detailed guidelines provided in the budget call circular, underscores the government’s commitment to a transparent and inclusive budgetary process for the fiscal year 2024-25. As Pakistan prepares to address economic challenges and seize opportunities in the coming year, the budget will play a pivotal role in shaping the nation’s financial trajectory.
