Preparations for the new Federal Budget 2024-25 are facing massive delays as the government prepares to consult on each and every item with the International Monetary Fund (IMF) before proceeding further.
The lender’s mission is expected to arrive in the coming few weeks, sources told ProPakistani.
Sources said this has seriously impacted the planned schedule. The Budget Strategy Paper 2024-27, which was originally intended for approval by April 22, has not been finalized yet.
Sources informed that meetings of the Annual Plan Coordination Committee (APCC) have not been convened as scheduled. However, it’s anticipated that the National Economic Council meeting will take place in the second week of May.
The completion of budget documents for presentation to the cabinet is expected by the end of this month. Subsequently, the budget for the upcoming financial year will likely be presented in Parliament during the first week of June. Prior to its presentation, the budget document will undergo approval by the
federal cabinet after final touches by the IMF.
Budget 2024-25 Timeline
S# Activity Concerned Office Timeline
1 Issuance of Budget Call Circular Finance Division Feb-24
2 Laying of Mid-Year Review Report before NA Finance Division Feb-24
3 Submission of Form I
i. Medium Term KPIs and Targets
FY2024-25 to 2026-27
ii. Medium Term Performance Based Budget
FY2024-25 to 2026-27 PAOs i. 11th March
2024
ii. Along with
BO/NIS
4 Submission of Gender Responsive Budgeting –
Form II PAOs 14th June 2024
5 Submission of Green Budgeting – Form III PAOs 14th June 2024
6 Federal Receipts (Non-Tax Revenue)
Revised Estimates (FY2023-24) and
Budget Estimates (FY2024-25) including
proposals for new non-tax measures – Form
IV PAOs 11th March 2024
7 Public Accounts Receipts and Expenditure,
Revised Estimates (FY2023-24) and
Budget Estimates (FY2024-25) – Form V PAOs 11th March 2024
8 Details of Bank Accounts/Investments –
Form VI PAOs 11th March 2024
9 Submission of Revised Estimates
(FY2023-24) Current a
nd Development
Expenditure – Form VII PAOs 11-Mar-24
10 Submission of Medium-Term Budget Estimates
(FY2024-25 to 2026-27) Current and Development
Expenditure – Form VIII PAOs 11th March 2024
11 Submission of Posts Proforma Federal
Government Employees – Form X and/or XI PAOs 5th April 2024
12 Submission of Quarter-Wise Budget Estimates
(FY2024-25) Current and Development
Expenditure – Form XII and XIII PAOs 30th June 2024
13 Details of Assets – Form XIV PAOs 11 th March 2024
14 Sector-wise Details of Development Projects –
Form XV Planning Division 11th March 2024
15 Submission of Foreign Exchange Revised
Estimates (FY2023-24) and Budget Estimates
(FY2024-25) -Form XVI to XXI PAOs 7th May 2024
16 Recommendations from Expenditure Wing on
Revised and Proposed Budget Estimates Expenditure
Wing 17th March 2024
17 Preparation of Medium-Term National
Macroeconomic and Fiscal Framework EA Wing 3rd week March
2024
18 Budget Review Committee meetings Finance Division 22nd March till 5th
April 20
24
19 Intimation of Exchange Rate Finance Division 18th April 2024
20 Approval of Budget Strategy Paper (BSP)
FY2024-27 Finance Division 22nd April 2024
21 Issuance of IBCs for current and development
budget (one line to M/o PDandSI) Finance Division 24th April 2024
22 Issuance of PAO Wise IBCs for Development Planning Division 30th April 2024
23 Submission of BO/NIS for Current Budget PAOs 29th April to 6th May
2024
24 APCC Meetings Planning Division 1st week May 2024
25 NEC Meetings Planning Division 2nd week May 2024
26 Submission of BO/NIS for Development Budget PAOs 3rd week May 2024
27 Completion of all Budget Documents, Schedules
and Summaries for the Cabinet etc. Finance Division End May 2024
28 Presentation of Budget to the Cabinet and the
Parliament Finance Division 1st week June 2024
Source: Pro Pakistani