Ministry seeks estimates for next budget

Details of estimates of development expenditure are also required to be submitted

ISLAMABAD:

The   federal   government   has   decided   to   present   the federal   budget   for   the   next   fiscal   year   2021-22   inparliament in the first week of June and directed all the ministries and divisions to finalise the estimates in this context and send them to the Ministry of Finance byMarch 15.

A letter in this regard has been sent to all the ministries and divisions along with proformas for the federal budget estimates for the next fiscal year. As per the letter, a copy of which is available with  The Express Tribune, the ministries and divisions had been directed   to   prepare   revised   budget   estimates   for   thecurrent   fiscal   year   2020-21,   medium-term   budget estimates for the years 2021-24 and budget estimates forthe next financial year 2021-22 as per the guidelines offinance ministry.

The   revised   expenditures   for   the   current   fiscal   year, details   of   estimates   of   development   expenditure   andrevenue receipts are also required to be submitted along with important developments that had taken place in the current fiscal . The   Ministry  of  Finance  also   sought  budget  proposals from field formations and concerned agencies so that the
role   of   parliament   in   budget   formulation   for   the  next fiscal year could be further enhanced and the budget proposals reviewed by the relevant standing committees. According to sources, the Ministry of Finance sent the guidelines, budget forms and other documents to all the ministries and divisions, including budget estimates and medium-term budget framework.

The Ministry of Finance will also write letters to all the ministries   and   divisions   on   February   8   regarding   the three-year budget ceiling. In pursuance of the letter, all the ministries and divisions will be required to provide details on the estimates of the receipts and funds required for the next year budget and medium-term framework by February 28. The ministries and divisions are also required to provide details   on   the   estimates   of   funds   required   for   the development budgets to the planning commission. The Ministry of Finance informed all the ministries anddivisions  that the  budget strategy paper  for the next financial   year 2021-22  would  be  ready  in  the  second week of March 2021 and presented in the meeting of the federal cabinet in the first week of April.