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Budget in Brief 2014 15
Budget in Brief 2014 15
These macroeconomic and fiscal frameworks, together with the IBCs, are
presented to the Cabinet through the 'Budget Strategy Paper' (BSP) for
approval
The BSP is also shared with Parliamentary Standing Committees on
Finance and Revenue as well as with political parties
After approval of the BSP by the Cabinet, the Finance Division issues
the 3-year IBCs for recurrent and development budgets separately to each
line ministry
Based on these IBCs, ministries prepare their budgets that are reviewed for
quality assurance by the Finance and Planning & Development Divisions
The Secretaries of Finance, Planning & Development, and Economic
Affairs Divisions jointly chair the Priorities Committee meetings that discuss
policy and budget priorities with each Principal Accounting Officer
The Annual Plan Coordination Committee (APCC) discusses the public
sector investment proposals with the Federal and Provincial Governments
9.3 To achieve the objectives as outlined above, the Federal Government has
improved its budget preparation process through the MTBF. Under the reformed
process:
Based on the macroeconomic situation, the Finance Division articulates its
budgetary policy priorities and prepares a Medium-Term Fiscal Framework
The Finance and Planning, Development & Reforms Divisions work out, for
each Principal Accounting Officer, medium-term Indicative Budget Ceilings
(IBCs) that align resource allocation with the Governments policies
Performance monitoring. The performance budgets prepared are being
monitored by the Finance Division. Under this process, actual expenditure
against appropriations and reasons for variations are compiled from Ministries /
Divisions along with performance achieved vs targeted.
The Finance and Planning & Development Divisions prepare a Medium-
Term Macroeconomic Framework in consultation with various Government
Ministries and the State Bank of Pakistan
6/3/2014 / 7:09 PM Budget in Brief 2014-15
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