ISLAMABAD: The Finance Division has issued budget circular to the ministries and divisions for FY 2021-22 budget making process with instruction of activities and actions to be finalised for presentation of the budget to the cabinet and the Parliament in the first week of June 2021.
The budget making process will commence with formulation of budget strategy paper for the next fiscal year in the second week of March 2021, on the basis of submission of budget estimates for FY 2021-22 of federal government receipts as well as revised estimates for the ongoing fiscal year by the principal accounting officers and budget proposals relating to tax and non-tax revenues for inclusion in Finance Bill 2021-22.
The principal accounting officers have been instructed for submission of budget estimates for current and development expenditures on March 15, and demand review committee's meeting, if required, would be held in the Finance Division, in the first week of April 2021.
According to the budget circular, the Finance Division would submit Budget Strategy Paper (BSP) to the federal cabinet in the first week of April 2021, and initial basic ceiling (IBC) for current and development budget would be issued to the ministries and division in the third week of April 2021.
Annual Plan Coordination Committee (APCC) has been scheduled to be held jointly by the Planning Division and the Finance Division in April 2021 to finalise the development outlay for the next fiscal year and the National Economic Council meeting has also been scheduled in April 2021.
Budget order/new item statement forms for current budget would be submitted by the principal accounting officers from 26th April to 13th May and date for submission of budget order/new items statement by ministries and division for development budget has been set from 10th May to 21st May.
As per the budget circular, the Finance Division is responsible for completion of all the budget documents, schedules and summaries for the cabinet etc end of May 2021, and presentation of budget to the cabinet in the first week of June 2021, ahead of presentation to the parliament.
Copyright Business Recorder, 2021
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