Preparation of federal budget 2024-25 has been started Details of development budget and non-development budget requirements are requested by January 15

Preparation of federal budget 2024-25 has been started

Details of development budget and non-development budget requirements are requested by January 15

ISLAMABAD  (  Web News )

The Federal Ministry of Finance has started preparing the proposed budget 2-24-25 for the elected government that will take over the power in the Parliament as a result of the general elections 2024. After completing the consultation, this budget draft will be handed over to the elected government of Pakistan for presentation in the parliament and the elected government will make some revisions in it and announce this budget in the National Assembly in June 2024 for Pakistan. The International Monetary Fund (IMF) stand-by loan agreement is expiring on March 31 and the current caretaker government has agreed to a new fiscal year 2024-25 in consultation with the IMF, World Bank and Asian Development Bank under economic reforms for the elected government. The budget will be prepared and presented to the new government and will be approved by the IMF’s Executive Board beforehand so that if the elected government wants to take a new loan program, it will have time to negotiate new conditions and new reforms. Prior implementation of the new program priorities should be started without publication. In this regard, the Ministry of Finance has requested from all federal ministries and divisions the final revenue and expenditure of the financial year 2021-2022, the revised statistics of the previous financial year 2023-24 and the new financial year 2024-25. The details of the development budget and non-development budget requirements have been requested by January 15. The ministry will issue the interim budget call circular to the ministries and divisions. Submit the revised expenditure estimates to the Ministry. If the remaining funding is to be spent for any purpose, the approval of the Economic Co-ordination Committee of the Cabinet shall be sought for the same, without deviating from the head for which the funds have been allocated. There is a ban on sanctioned spending if a ministry completes its expenditure up to June 30 and the money left over must be returned to the national treasury by at least May 15. In the call circular, it is said that they should make full details of annual salary, benefits, allowances and other dues of every black vacancy in their institutions and every vacancy on which employees and officers are working and send to the ministry from April to June 2023- During the 24th, they have been ordered to send the details of how much non-developmental budget they will need and how much savings will be possible from the budget developed by the Parliament, to provide information to the Ministry of Finance in advance. It is said that the government elected in the general elections to be held on February 8 in Pakistan will complete the devolution of power at the end of February or the beginning of March and the Ministry of Finance will prepare a preliminary budget to save the time of the elected government. What is the decision to prepare?