PTI govt expedites budget-making after end of IMF talks
Finance ministry seeks details of forex needs of ministries, divisions
Dr Abdul Hafeez Shaikh. PHOTO: AFP
ISLAMABAD:
The problems which the government was facing in budget preparation have been resolved after Pakistan struck a deal with the International Monetary Fund (IMF).
The government has expedited the process of budget-making since the finalisation of the programme.
For this purpose, the finance ministry has sought details of foreign exchange requirement from all the ministries and divisions for meeting expenses of current and next fiscal years.
The finance ministry has given a deadline of Thursday (today) to all the ministries and divisions for the submission of their estimates.
In case of non-submission of details, it would be considered that those departments do not require the budget.
A letter, sent to all the ministries, divisions and departments on May 7, demanded estimated expenses of foreign visits of delegations, imports, international training and similar expenditures so that the foreign exchange required by them could be provided other than the allotted funds for the current fiscal year.
Keeping in view the budget for fiscal year 2019-20, the letter sought the estimates of expenses so that funds could be allocated to pay for foreign exchange. When approached, the finance authorities shared that fiscal problems pertaining to budget-making had been resolved after the IMF agreed to give $6 billion in assistance to Pakistan.
Moreover, they added, the Asian Development Bank and other international lenders were also likely to lend $3-4 billion to Pakistan, which would provide further support to the budget-making process.
Published in The Express Tribune, May 16th, 2019.
The problems which the government was facing in budget preparation have been resolved after Pakistan struck a deal with the International Monetary Fund (IMF).
The government has expedited the process of budget-making since the finalisation of the programme.
For this purpose, the finance ministry has sought details of foreign exchange requirement from all the ministries and divisions for meeting expenses of current and next fiscal years.
The finance ministry has given a deadline of Thursday (today) to all the ministries and divisions for the submission of their estimates.
In case of non-submission of details, it would be considered that those departments do not require the budget.
A letter, sent to all the ministries, divisions and departments on May 7, demanded estimated expenses of foreign visits of delegations, imports, international training and similar expenditures so that the foreign exchange required by them could be provided other than the allotted funds for the current fiscal year.
Keeping in view the budget for fiscal year 2019-20, the letter sought the estimates of expenses so that funds could be allocated to pay for foreign exchange. When approached, the finance authorities shared that fiscal problems pertaining to budget-making had been resolved after the IMF agreed to give $6 billion in assistance to Pakistan.
Moreover, they added, the Asian Development Bank and other international lenders were also likely to lend $3-4 billion to Pakistan, which would provide further support to the budget-making process.
Published in The Express Tribune, May 16th, 2019.