Govt still undecided over its final budget

ISLAMABAD: The incumbent regime has not yet formally decided to either announce the budget for next financial year 2018-19 in May or leave it up to the next elected government to present the budget.“Yes, we are in a fix as the PM has not yet accorded formal approval regarding the budget’s presentation as there is a provision in the law that the government affairs can be handled for three months more through supplementary budget measures,” Dr Miftah Ismail, Adviser o PM on Finance and Revenue, told The News.

However, he said, the FBR has started getting input from stakeholders for taxation outlook in next fiscal year, but when it comes to the presentation of the budget in first week of May, it requires the approval of the premier.

The budget explains the economic priorities of elected government and no one knows which political party will be in power corridors after general elections. In case the existing government presents the budget for 2018-19 and it does not make inroads to the PM House then what will be the fate of the budget, officials asked.

Dr Mifta says that after May 31, 2018, the government’s affairs can be handled through supplementary budgetary measures for three months period and at the top level, options are being weighed to either lay down the budget in May or extend it up to the next government to announce the budget as per its manifesto and economic priorities. Nonetheless, it may not be out of place to mention that on December 18, 2017 a circular was issued by the Finance Ministry heralding that the federal government will present the budget for the fiscal year 2018-19 for approval from the National Assembly in May 2018. This means that the Finance Ministry is very much on budget preparation on its own.

According to the circular of Dec 18, the budget will be announced in the first week of May, for which all divisions and ministries were told that the government will present the budget strategy paper to the cabinet in February.

However, keeping in view the political situation in Balochistan apparently to scuttle the Senate elections and expected move from PAT supported by all political parties against the govt seeking justice on Model Town incident and the anti-Punjab govt drive by religious forces by Sialvi, the government does not find itself in a position to present the sixth budget, top sources in the Finance Ministry said.