Budget Process for FY22-23 Enters Important Phase

Budget Process for FY22-23 Enters Important Phase in 2022

The budget process for the next fiscal year has reached a critical juncture, with the priority committee beginning to review budget proposals.

The Priority Committee Meetings are set to take place from April 13th to April 19th, 2022. The Head of Departments (HOD) and Officers concerned under his administrative control 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.

According to ProPakistani, the priority committee, chaired by the Finance Secretary, has begun its work to review proposals from various ministries and departments. The Finance Ministry will present available resources to the committee while the departments and ministries discuss their proposals for the next fiscal year.

Despite the ministries’ and departments’ requests for more resources, the Committee will attempt to distribute the available resources among them. They have demanded trillions of rupees for development funds, but the priority committee will propose funds based on available resources.

According to sources, the outgoing PTI government agreed with the IMF on some budget ceilings for the next fiscal year, but these may be changed depending on the priorities of the new government. The previous government had agreed with the IMF to provide Rs. 559 billion for the next fiscal year’s Federal Public Sector Development Program (PSDP). The outgoing government has also promised Rs. 12381 billion for total expenditures, including the current and development budgets.

According to sources, the new government will set budget targets based on its priorities, and significant changes in budget allocation are expected. The proposals will be presented to the Annual Planning Coordination Committee (APCC), which is scheduled to meet next month and will be chaired by the Federal Minister of Planning.

The federal and provincial officials will propose the development and nondevelopment budgets for the next fiscal year to the Prime Minister-chaired National Economic Council. Some federal ministers from the economic side, as well as four chief ministers, including Chief Minister Gilgit Baltistan and Prime Minister Azad Kashmir, will attend the meeting.

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