Budget Process for FY22-23 Enters Important Phase

The budget process for the next fiscal year has entered an important phase as the priority committee has started to review the budget proposals.

The Priority Committee Meetings have been scheduled from April 13th to 19th 2022. The Principal Accounting Officers (PAOs) are requested to attend the meeting in person to discuss Revenue, Receipts, current Expenditure including subsidies, Grants-in-Aid, KPIs, and targets of the Division/Department may be supported by the Head of Departments (HOD) and Officers concerned under his administrative control.

Sources told ProPakistani that the priority committee under the Finance Secretary has started its work to review the proposals from different ministries and departments. The Finance Ministry will present available resources before the committee while discussing the proposals of the departments and ministries for the next fiscal year.

The Committee will try to distribute the available resources among the federal ministries and departments despite the ministries and departments asking for more. They have been demanding trillions of rupees for their development funds but the priority committee will propose the development funds as per the available resources.

Sources said that the outgoing PTI government had agreed with IMF on some budget ceilings for the next fiscal year but it may be changed as per the priorities of the new government. The former government had agreed with IMF to provide Rs. 559 billion for the Federal Public Sector Development Program (PSDP) for the next fiscal year. The outgoing government has also promised that it will provide Rs. 12381 billion for total expenditures including the current and development budget.

Sources also believe that the new government will set budget targets under its priorities and big changes are expected in budget allocation. The proposals will be presented before the Annual Planning Coordination Committee (APCC) which is likely to meet next month under the chairmanship of the Federal Minister for Planning.

The federal and provincial officials will propose the development and nondevelopment budget for the next fiscal year to the National Economic Council which will meet under the chairmanship of the Prime Minister. Some federal ministers related to the economic side, four chief ministers, Chief Minister Gilgit Baltistan, and Prime Minister Azad Kashmir will attend the meeting.

Source: Pro Pakistan

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