Government to announce budget 2020-21 on June 12: report

The incumbent government, led by the Pakistan Tehreek-i-Insaf, will present its second federal budget for the fiscal year 2020-21 in the Parliament on June 12, 2020, reported The News on Tuesday.

The Economic Survey for the 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-making process will be accelerated after holidays of Eid-ul-Fitr as all-important meetings such as Annual Plan Coordination Committee (APCC) and National Economic Council (NEC) will be held in early days of June 2020, The News reported.

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

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

The APCC meeting has also been rescheduled and now it will meet on June 4 for consideration of development outlay and macroeconomic framework for next budget 2020-21. Earlier, the APCC was scheduled to meet on May 20, 2020, however, now it will be held after the Eid holidays.

The government on Monday announced a provisional GDP growth figure of 0.4% for the outgoing fiscal year and now the macroeconomic framework for the next budget will be placed in consultation with the 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 government to revive the shrinking economy and convert contraction into moving towards a positive trajectory on the growth path in next fiscal year.

Originally published in The News