Process of reviewing mid-term budgetary expenditure begins
Rezaul Karim | Tuesday, 26 November 2013
The Ministry of Finance (MoF) has initiated the process of the reviewing the medium-term budgetary expenditure for the current fiscal year (FY) 2013-14, official sources said.
Besides, the budgetary wing of the MoF will also project budgetary allocations for the next three FYs of 2014-15, 2015-16 and 2016-17 under the Medium-Term Budget Framework (MTBF),
The budget section of the MoF has requested ministries, different government agencies and other organisations to send their budget structures by January 14, 2014, they said.
The budget framework of the ministries and various agencies has been sent to the finance department of the MoF and the Planning Commission after finalisation by their budgetary management committees, sources concerned said.
The Planning Commission and departments concerned will have to place the overall budget framework to meetings of the budget management committees. After scrutiny by the committees, the budget of the ministries and departments will be approved, he said.
The government is in the process of moving away from budgeting in the traditional manner and has introduced a Medium-Term Budget Framework since 2005-06, according to the MoF. Such a framework aims at improving efficiency and effectiveness of public expenditure and to ascertain attainment of the goals set out in the strategic documents,
The FY2010-11 budget was prepared within the three-year context of the MTBF. As of now, 33 ministries/divisions prepare their annual budgets under the MTBF approach. All the remaining ministries/divisions will be brought under the MTBF purview. The MTBF period will be extended to five years to make it consistent with the Five-Year Plan.
In the MTBF process, a distinct linkage has been established between the policies and priorities of the ministry to resources and performance of departments and agencies. This will help efficient utilisation of scarce public resources and will enhance pro-poor growth and poverty reduction, the ministry webpage concerned said.