Ministry seeks estimates for next budget
Budget deficit during the July-October period of current fiscal year was about 17% higher than the same period of previous year. PHOTO: FILE
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.