ISLAMABAD (May 21 2009): The Ministry of Finance has sent a summary to the Prime Minister seeking his approval for the announcement of the national budget for the financial year 2009-10 on June 06. "Its upto the Prime Minister whether he approves June 06 or any other date for the announcement of the National Budget in the Parliament", a top official of the Ministry of Finance told APP here on Wednesday.
He confirmed that the Ministry of Finance has received budgetary proposals and suggestions form various stakeholders and these have already been sent to the Federal Board of Revenue (FBR) for finalisation of the proposals and suggestions till May 31.
He said that Ministry of Finance has received a number of recommendations and proposals from various ministries and departments to be incorporated in the upcoming budget. After the finalisation of these proposals and approval from the Cabinet, the final budget for the next financial year would be presented in the parliament.
He said that it has been the regular exercise of the Finance Ministry to circulate to the ministries and divisions asking them for recommendations and proposals on the projected revenues and expenditures. Highlighting the procedure for the preparation of the budget for new financial year, he said that Ministry of Financial circulates to the ministries and divisions to submit their proposals regarding the revenues and expenditures on the month of October every year.
The exercise starts in October every year and is completed by May end followed by the announcement of the federal budget, the official added. When asked about the proposed outlay for the forthcoming budget, he said that he was not in a position to tell the outlay at this stage as the ministry has to finalise the budget for the next financial year.
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