ISLAMABAD (Eshfak Mughal):- The Finance Ministry has prepared schedule for next budget and said that it will be presented in the parliament on first week of June 2022 in Parliament.

The Finance Minister has issued a budget call circular and gave indicative dates of main activities of the budget preparations for the next fiscal year. Usually, Pakistan government present budget in the parliament on first and second June for next fiscal year which fall from 1st July to 30 June.

The Medium-Term Indicative Budget Ceilings (IBCs) issued by Budget Wing, Finance Division in April 2021, for Current and Development Budget for three years i.e. 2021-22, 2022-23, and 2023-24, may be considered as baseline for submission of Budget Estimates.

The timeline for Revised Estimates (2021-22) and Budget Estimates (2022-23) of Federal Government Receipts (Form-I) and the last date for Budget Proposals relating to Tax & Non-Tax Revenues for inclusion in Finance Bill 2022-23 is March 15, 2022.

Submission of proposed Current & Development Expenditure Budget Estimates (Form-II and Form-III) is also March 15, 2022. Budget Review Committee’s meetings are scheduled for the fourth week of March. The Budget Strategy Paper Finance Division is scheduled for April 15, 2022. The issuance of IBCs for current and development budget for the third week of April 2022. APCC & NEC meetings at Planning Division & Finance Division are scheduled for April – May 2022. Submission of BO/NIS Forms for current budget for April 25 to May 10, 2022.

Submission of BO/NIS Forms by Ministries / Divisions for development budget is scheduled for May 10 to May 17, 2022. Moreover, the completion of all Budget Documents, Schedules, Summaries for the Cabinet, etc. are scheduled for the end of May 2022.

The presentation of the Budget to the Cabinet and the Parliament is proposed for the first week of June 2022.

Legal framework on annual budget is available in Articles 78 to 84 of the Constitution. The Public Finance Management Act, 2019 provides legal cover to budgeting and financial management. The Finance Division has also issued various instructions from time to time, which are available on Finance Division’s website.

This section sets out the process for the preparation of the Budget 2022-23. All Federal Ministries / Divisions will prepare their budget on Performance & Output Based Budgeting System. The following are details of steps involved in the budget preparation process as outlined in the ‘Budget Calenda

  • Issuance of ‘Budget Call Circular 2022-23’ to the Principal Accounting Officers (PAOs)
    As a first step, the Finance Division will issue a “Budget Call Circular” to the PAOs which contains instructions, forms, and timelines required to be completed by the respective PAOs.
  • Submission of the Budget forecast by the Principal Accounting Officer
    The Indicative Budget Ceilings issued by the Finance Division in April 2021, for the current and development budget of three years i.e. 2021-22, 2022-23, and 2023-24 will be considered as baseline for submission of Budget Estimates 2022-2025 under Form III. Moreover, PAO will submit estimates keeping in view the Public Finance Management Act, 2019 and priorities of the Federal Government.
  • Review and approval of budget estimates and additional demands (current + development) by the Demand Review Committee

This section sets out the process for the preparation of the Budget 2022-23. All Federal Ministries / Divisions will prepare their budget on Performance & Output Based Budgeting System. The following are details of steps involved in the budget preparation process as outlined in the ‘Budget Calendar’.

  1. Issuance of ‘Budget Call Circular 2022-23’ to the Principal Accounting Officers (PAOs)
    As a first step, the Finance Division will issue a “Budget Call Circular” to the PAOs which contains instructions, forms, and timelines required to be completed by the respective PAOs.Submission of the Budget forecast by the Principal Accounting Officer
    The Indicative Budget Ceilings issued by the Finance Division in April 2021, for the current and development budget of three years i.e. 2021-22, 2022-23, and 2023-24 will be considered as baseline for submission of Budget Estimates 2022-2025 under Form III. Moreover, PAO will submit estimates keeping in view the Public Finance Management Act, 2019 and priorities of the Federal Government.
  2. Review and approval of budget estimates and additional demands (current + development) by the Demand Review Committee
  3. Filling of the BO/NIS Forms
  4. The Ministries / Divisions / Departments will go through the instructions to fill in the BO/NIS Forms to be submitted to Budget Wing, Finance Division as per specified timelines.
  5. Submission of forms by Ministries / Divisions for Current Budget and Development Budget
  6. In the presence of ceilings, the concerned CFAO will assure the quality of BO/NIS forms and give their recommendations (if any) to the concerned Principal Accounting Officer.

By adminmy

Leave a Reply

Your email address will not be published.