ISLAMABAD (our reporter):- The Federal Government led by Prime Minister Shehbaz Sharif has announced the date for the submission of the budget for the fiscal year 2023-24 in the National Assembly and its transmission to the Senate of Pakistan.
According to official documents available with Voice of Public, the annual budget for FY 2023-24 along with the Finance Bill 2023 is scheduled to be presented in the National Assembly of Pakistan in the first week of June 2023.
Documents reveal the first budget review meeting is proposed to be held in the third week of March (22nd-31st) 2023. The Budget Review Committee will consider Budget Estimates and Revised Estimates including additional funds requirements of the Divisions/Departments after meetings with the Principal Accounting Officers (PAOs).
As per schedule, the meeting of the National Economic Council (NEC) will be held in the first week of May.
During the process, performance indicators/output by the Division/Department (as given in the Performance Based Budgeting Proforma 2022-23) and the Indicative Budget Ceilings (IBC), issued by Finance Division in April 2022 for three (03) years will be considered as baseline for submission of Budget Estimates 2023-2026.
On approval of the Budget Strategy Paper by the Cabinet in April, the Finance Division will issue PAOs-wise ceilings for the current and development budget.
After due deliberations, all budget documents are expected to be finalized by end of May. The Finance Division will present Budget 2023-24 to the Cabinet for approval before submission to the National Assembly and its assent by the President of Pakistan in the first week of June.