Govt partially completes federal budget for FY24

The federal government has completed work on the first part of the federal budget for the next financial year 2023-24 and will soon give the final form and send it for printing.

The three-year budget strategy paper 2023-26 will be finalised next week and submitted to the federal cabinet for approval.

According to the document available with The Express Tribune, the mid-year review report regarding budgeting for the next financial year has been completed.

The issuance of the budget call circular by the Finance Division has also been completed and the budget call circular forms have also been submitted by the principal accounting officers (PAOs).

According to the document, meetings have also been held to review the demands sent by the ministries and divisions.

The three-year budget strategy paper 2023-26 should also be completed next week and presented to the cabinet. Apart from this, the budget ceiling indicators for ongoing expenditure and development expenditure will also be prepared and released next week.

On the other hand, the meetings of the Annual Planning Coordination Committee (APCC) will also start from next week to finalise the size of the Public Sector Development Programme (PSDP) and the annual development plan for the next financial year.

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The PAOs will submit new item statements and budget orders for the current budget in the third week of May. After that, the meeting of the National Economic Council (NEC) itself will also be held in the third week of the month, in which the PSDP and Annual Development Plan for the next financial year will be approved.

In the third week of May, the PAOs will submit budget orders, and new items’ statements for the development budget, and the supplementary budget will be prepared in the third week of May.

After that, at the end of May, the programme of the federal budget for the next financial year and a summary regarding the date of presentation of the budget will be prepared and submitted to the prime minister for approval.

The Federal Board of Revenue (FBR) will finalise the financial bill. Following this, all the budget documents of the federal budget for the next financial year will be finalised and the summaries will be sent to the federal cabinet for approval.

After that, a special meeting of the federal cabinet will be held on June 10 under the chairmanship of the prime minister in which the final approval of other budget documents, including the increase in salaries and pensions of government employees, will be given. Later, the budget will be presented in parliament immediately after the cabinet meeting on the same day.