Monday July 4, 2022
اردو
Dialogue Pakistan Dialogue Pakistan
Dialogue Pakistan Dialogue Pakistan
  • Citizen Journalism
  • Pakistan
  • World
  • Sports
  • Entertainment
  • Videos
    • Feature Videos
    • In House Videos
    • Mobile Footage
    • Documentaries
  • More
    • Features
    • Health
    • Sci-Tech
    • Business
    • In Pictures
    • Facebook
Features

What is a national budget?

by Web Desk June 11, 2019

AA

 What is a national budget?

Federal budget is the financial plan of the government regarding anticipated national revenues and expenditures. It states how much money the government is willing to spend during one fiscal year, what it intends to spend it on, and where it expects to get the money to pay for that expenditures.

In short, keeping track of how much money comes in, how much money goes out and how much is left over is a budget. It is also known as the Annual Financial Statement of the country.

How a budget is passed?

A government budget is generally passed by the legislature body, then it receives assent of the president, and finally it is presented by the finance minister to the nation on the National Assembly floor before culmination of the outgoing fiscal year.

The financial year in Pakistan begins on July 1 and ends on March 31.

Types of Budget

A national budget is classified in three categories:

Balanced: A budget is said to be a balanced budget if the government spending is equal to the government receipts in a year.

Deficit: The budget is deficit when the government expenditure exceeds the government revenues. 

Surplus: It is surplus when the government receipts are more than its expenditures.

Importance of a Budget

The federal budget holds paramount importance for a number of reasons including reducing inequality in distribution of income and wealth, public accountability, planned approach to government’s activities, reallocation of infinite resources, tax and non-tax receipt, GDP growth, economic stability and eradication of poverty.

National defence, infrastructure development, education, agriculture and health are the key components of the budget.

Last Budget

In April 2018, the previous government had unveiled the federal budget 2018-19 with an outlay of Rs5,932 billion.

The major focus of the budget was on stimulating the economic growth. This was a deficit budget targeting fiscal deficit [income-expenditures gap] of 4.9 percent.

The federal government had proposed Rs1,100 billion for national defence, an increase of little over 10 percent from the revised estimates of Rs998 billion for the year 2017-2018 to cater to needs of the armed forces and other defence-related establishments.

What to expect from new budget?

Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan has claimed that it would be an ‘austerity-oriented budget’ to reflect manifesto of the Pakistan Tehreek-e-Insaf (PTI) as expenditures of federal ministries/ divisions and institutions will be slashed.

The budget for the armed forces will remain unchanged as they have already announced to cut their expenditures.

Dr Firdous Ashiq Awan said the budget would ensure a sustainable economy and it will present a long term way forward to set economic goals for the next five years.

“Presenting a people and poor friendly budget is the top priority of the government,” she said.

Post Views: 85

Share This:

Previous post
Next post




Polls

Should the release of foreign movies be delayed to help support Pakistani cinema?

View Results

Loading ... Loading ...
Most Recent
In House Videos

People’s Bus Service – Cost, Routes and

July 2, 2022
Feature Videos

What is the IMF deal and who’s

July 2, 2022
In House Videos

Trailer launch of the most awaited film

July 2, 2022
World

Indian flight makes emergency landing after smoke

July 2, 2022
July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    
Related Stories for you

People’s Bus Service – Cost, Routes and its Operations | Dialogue Pakistan

July 2, 2022

Karachi’s People’s Bus Service starts its operation in the city and people are ecstatic. Dialogue Pakistan takes you on a

What is the IMF deal and who’s to blame for the rising petrol prices? Let’s find out

July 2, 2022

What is the IMF deal and who’s to blame for the rising petrol prices? Let’s find out

Trailer launch of the most awaited film of the year, Lafangey!

July 2, 2022

Dialogue Pakistan

Citizen Journalism is the collection, dissemination and analysis of news by the people for the people especially by the means of internet. Dialogue Pakistan is the country’s first citizen journalism portal to provide Pakistanis an opportunity to get themselves heard aiming to encourage citizen journalism inculcated with ethical values.

Quick Links

اردو
About Us
Advertise
Careers
Contact

Category

Citizen Journalism
Pakistan
World
Sports
Entertainment
Features

Download our APP

Social Platforms

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Youtube
Copyright 2022.Dialogue Pakistan. All Rights Reserved.