Finance Ministry Prepares Budget Calendar For Coming FY 2023/24

Sun, Apr 2, 2023 9:51 AM on Featured, Economy, National,

The Finance Ministry has prepared a schedule for the preparation of policy and programme and budget for the coming fiscal year 2023/24.

The Ministry prepared a 'budget calendar' for the coming fiscal year as per the provision in financial procedures and fiscal accountability act and budget formulation guidelines.

As per the schedule, the discussion would be held on the budget's policy and programme at the National Planning Commission from April 2-7. Subordinate departments of different ministries have been asked to submit a 'policy paper' regarding budget formulation by April 3.

The Revenue Management Division under the Finance Ministry would start activities related to Revenue Advisory Committee on April 4. The Committee would prepare a report incorporating the suggestions received from discussions with the different stakeholders and personalities, according to the Ministry.

All the line ministries have been asked to propose a budget and to enter annual plans and programmes in Ministerial Budget Information System by April 7.

The discussion will be held on objectives, priorities and major programmes with the members of the federal and province from April 9 to 11. The Inter-governmental Fiscal Council meeting will be summoned during this period, said the Ministry of Finance.

Similarly, thematic discussion on the upcoming budget, programme and expenditure will be held from April 3 to May 3. Discussions would be held on conditional grants with the Ministry of Finance and Planning of provinces during this period.

As per the schedule, suggestions on the upcoming budget will be solicited from representatives of political parties, former Finance Ministers, former secretaries of the Ministry of Finance, economists and experts by May 9.

The amount received from foreign sources would be determined and mentioned in the budget from April 15 to May 8.

The Ministry plans to send the progress report of the government corporation to press for print by May 3. The draft of the Principle and Priorities of Appropriation Bill will be prepared by May 3 while the Principle and Priorities of Appropriation Bill will be presented in both Houses of the federal parliament by May 8.

The Ministry of Finance should estimate the technical assistance secured from bilateral or multilateral donor agencies and assistance obtained from other non-government agencies within May 8.

The economic survey report and the progress report of the ministry should be sent to the printing press for print on coming May 13. The draft of the budget speech would be prepared on May 15, and the Revenue Advisory Committee will submit its report to the finance minister on May 19. The deadline for a briefing to President is May 24. Work like preparing the draft of the annual expenditure estimates along with the tripartite expenditure estimates and tallying the subject-wise expenditure estimates should be done on May 24.

The printing of the books containing expenditure estimates should be completed on May 26. The Finance Ministry will give a final touch to the Finance Bill, the Appropriation Bill and the budget speech on May 27.

Briefing the National Planning Commission and the Council of Ministers on the Finance Bill, the Appropriation Bill, and the loan and collateral bill, and sending them to the printing press for print will take place on May 24. The economic survey report and the progress reports of the Corporation and the Ministry will be tabled in both Houses of the Federal Parliament on May 28, and be made public the following day.