The federal government will approve the Budget Strategy Paper by May 10, Finance Ministry sources told ProPakistani.
According to the Ministry of Finance, the budget strategy paper will set out government revenue targets, expenditure ceilings and relevant priorities. All federal spending will be aligned with the strategy paper.
The new rules also make it compulsory to include a three-year medium-term budget estimate and a performance-based budgeting plan.
Details of contingent liabilities and fiscal risks will now be formally incorporated into the budget, while tax expenditure statements will become a mandatory part of the annual Finance Bill.
The Finance Ministry has also directed that any additional or excess expenditure must be presented before parliament through a supplementary or excess budget.
Under the new framework, it will be mandatory to present a supplementary or surplus budget in parliament in case of additional or excess expenditure. All ministries have been directed to return their expected savings to the Finance Division by May 31.
The document also makes technical approval compulsory for all development projects. New rules are being introduced for cash management and the operation of the Treasury Single Account.
The Ministry of Finance has already issued updated amendments to the Public Finance Management Act 2024.
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