Budget on June 12

ISLAMABAD: The government has decided to announce budget for 2020-21 in the Parliament on June 12, 2020, The News has learnt.

The Economic Survey for outgoing fiscal year 2019-20 will be released on June 11, 2020, just a day ahead of the announcement of the next fiscal year’s budget.

The budget makingprocess will be accelerated after holidays of Eidul Fitr as all important meetings such as Annual Plan Coordination Committee and National Economic Council (NEC) will be held in early days of June 2020.

Earlier, Ministry of Finance had proposed two dates June 5 and 12 for announcement of budget for 2020-21 to Prime Minister Imran Khan. Now the premier had granted approval for announcement of budget 2020-21 on June 12, 2020 in Parliament.

“Yes, the next budget will be announced on June 12, 2020 in Parliament,” one top official of Finance Division confirmed to The News here on Monday.

Now the Annual Plan Coordination Committee (APCC) meeting has also been re-scheduled and now it will meet on June 4, 2020 for consideration of development outlay and macroeconomic framework for next budget 2020-21. Earlier, the APCC was scheduled to meet on May 20, 2020. But now it postponed and will be held after Eid holidays.

The government on Monday announced provisional GDP growth figure of 0.4 percent for the outgoing fiscal year and now the macroeconomic framework for next budget will be placed in consultation with Ministry of Finance, Planning Commission and State Bank of Pakistan.

The macroeconomic framework is the domain of the Planning Commission under the rules of business of running the government. With dismal performance in post COVID-19 pandemic, it will be a challenge for the incumbent regime to revive the shrinking economy and convert contraction into moving towards positive trajectory on growth path in next fiscal year.