Budget likely to be presented on June 3
The Finance Ministry would present a Budget Strategy Paper (BSP) to a Cabinet meeting for consideration and approval today (Thursday) for the next fiscal year's budget which is likely to be announced on June 3, 2014. Sources said the Finance Ministry has finalised major budgetary projections for the next fiscal year but these are not being shared with Economic Advisory Council (EAC). The BSP is likely to be tabled during the meeting.
Copyright Business Recorder, 2014
The International Monetary Fund (IMF) mission chief, Jeffery Franks, stated at a press conference at the conclusion of third review that fiscal deficit of 4.8 percent has been agreed by the Pakistani authorities for the next fiscal year. An official on condition of anonymity said the major macroeconomic targets for the next fiscal year have been finalised in concurrence with the IMF during the third review of economic performance at Dubai from April 30 to May 9, 2014. The revenue collection target is reportedly being considered at Rs 2.810 trillion for the next fiscal year with a likely 4.8 per cent fiscal deficit and around Rs 525 billion federal Public Sector Development Programme (PSDP) for the next fiscal year.
A senior official on condition of anonymity said a meeting of National Accounts Committee (NAC) has been convened today (Thursday) to review growth and other macroeconomic targets for the current fiscal year. The NAC would review and approve the final estimates for 2011-12, and revised accounts for 2012-13. The meeting with Secretary Pakistan Bureau of Statistics (PBS) in the chair would be attended by senior officials of Pakistan Bureau of Statistics and representatives of Planning Commission, Ministry of Finance, Ministry of Industries, Ministry of Communication, Provincial Bureau of Statistics, Provincial Crop Reporting departments etc.
Sources further stated that the macroeconomic outlook would be reviewed for the outgoing fiscal year and proposals for the next fiscal year (2014-15) would be taken up by the Annual Plan Co-ordination Committee (APCC) on May 23, 2014. The committee would consider Public Sector Development Programme (PSDP) for the next fiscal year and review the annual plan for the outgoing fiscal year The APCC meetings are usually jointly chaired by Finance Minister and Planning and Development Minister.
The body would also make projections for the macroeconomic outlook for the next fiscal year. The provincial Ministers for Planning Division as well as senior officials of ministries and divisions would participate in a day-long meeting of the APCC. The National Economic Council (NEC) scheduled for May 26, 2014 with Prime Minister Nawaz Sharif in the chair would consider the annual plan finalised by the Planning Commission during the APCC meeting. Attended by provincial Chief Ministers, the NEC would review annual plan, growth figures and other macroeconomic estimates for the outgoing fiscal year and would give approval to the proposals for the next fiscal year.