ISLAMABAD: The Finance Ministry has issued the Budget Call Circular (BCC) for fiscal year 2024-25 with a timeline for the presentation of the budget to the cabinet and the parliament in the first week of June 2024.

According to the circular issued by the Finance Division, all principal accounting officers (PAOs) have been requested to submit the performance-based budgeting forms, revised and budget estimates of receipts, current and development expenditure forms as well as other forms to the Budget Wing, Finance Division latest by 11th March 2024.

The remaining information may also be provided as per the timeline indicated against each, including details of the foreign exchange budget.

To be presented in first week of June: FY24 budget call circular issued to ministries, divisions

In preparation for budget review/priority committee meetings, the Budget Wing, Finance Division plans to conduct pre-budget workshops and meetings with relevant officers/officials of all Divisions, departments and other offices.

In terms of Financial Procedures laid down in Articles 78 to 88 of the Constitution of Pakistan, 1973, the Rules of Business, 1973, and the Public Finance Management Act, 2019, the Finance Division is tasked with preparing the budget as a key policy document for the federal government.

The BCC for fiscal year 2024-25 includes the budget calendar, preparation steps and instructions, forms for actuals (fiscal year 2022-23), revised estimates (fiscal year 2023-24), and budget estimates for (fiscal year 2024-25), besides other forms requiring information related to receipts, current and development expenditures of the federal government.

The BCC also requires reporting on gender and green components of the federal budget to align revenues and expenditures with international best practices and commitments.

Copyright Business Recorder, 2024