The federal finance minister will present the budget this evening, after the approval of the bill from both houses, it will be presented to the president.
Wednesday June 12, 2024
Islamabad (Urdupoint Akhbar Latest - International Press Agency. June 12, 2024) The federal government is going to present its first budget of more than 18 trillion rupees on Wednesday, which reflects the country's expenditure and income for the financial year 2024-25. will do. Federal Minister of Finance and Revenue, Senator Muhammad Aurangzeb, in the financial year 24.
In a press conference on the occasion of the release of the economic survey of 2023, he said that during the current fiscal year, the size of Pakistan's economy increased from 338 billion dollars to 375 billion dollars after an 11 percent increase, while the inflation rate was recorded at 11.8 percent. Welfare institutions can run with charity, the country cannot run, taxes are necessary to run the country. There is no sacred cow and everyone has to play their role for the country's affairs.
After the presentation of the economic survey on Tuesday, the budget will be presented this evening where the eyes of every section of the people are focused on the budget, they are also worried about the relief or burden they get from the government in the form of taxes annually. The budget is prepared by the Ministry of Finance. The Budget Wing in the Finance Division of the Ministry prepares the budget. In Pakistan, the fiscal year starts from July 1 and ends on June 30 of the following year.
According to the Ministry of Finance, the preparation of the budget is initiated by the Ministry of Finance in consultation with the provincial governments, trade unions, business associations and civil society. The purpose of the circular is to ask the ministries and divisions for estimates or proposals related to the expenditure and income of the next financial year, which are received by February, after which all the ministries send their budget proposals to the Ministry of Finance.
The Ministry of Finance collects these proposals and sends the draft budget to the cabinet. The federal cabinet can make changes or amendments in the draft budget. After the approval of the cabinet, the budget is presented to the National Assembly. The role is very important, which can include its recommendations in the budget. Generally, the government succeeds in satisfying its coalition parties, but it is the opposition in the House that often does not seem to agree with the government's budget or proposals. For the approval of the government, the majority of the members of the National Assembly in the House is required.
It should be remembered that the draft budget presented in the National Assembly is also called Money Bill. According to the Constitution of Pakistan, the draft budget originates only from the National Assembly. is presented, which immediately entrusts the budget to the Finance Committee. The Senate's Standing Committee on Finance prepares its proposals within a fixed time, after which the Senate finalizes the recommendations on the budget within 14 days and sends them to the National Assembly, however, the government is not bound to implement the proposals sent by the Senate. After the approval of the bill by the Assembly, it is presented to the President, who has to approve the budget within 10 days. Is.
