The country is facing significant challenges as political uncertainty and delays in the IMF program have started to affect the budget 2023-24 schedule. With changes in important committee meetings and the postponement of key decision-making sessions, the government’s ability to timely present the budget for the upcoming fiscal year has come under scrutiny.
According to reliable sources, the National Accounts Committee meeting, which plays a crucial role in determining the country’s economic growth, has witnessed a rescheduling for the second time. The committee is now schedule to convene on May 22, reflecting the urgency to estimate the current fiscal year’s Gross Domestic Product (GDP) growth rate.
During the committee meeting, policymakers will analyze the performance of diverse sectors such as agriculture and industry to set ambitious targets for the upcoming fiscal year. This assessment will be critical in shaping the economic agenda and prioritizing key areas for development.
Budget Strategy Paper Approval:
It is anticipated that the budget strategy paper, which outlines the government’s financial priorities and allocation plans, will receive approval from the Cabinet in the upcoming week. This document lays the foundation for the budget and serves as a roadmap for fiscal planning.
Postponement of Committee Meetings:
The Annual Plan Coordination Committee meeting, responsible for aligning development plans across various sectors, has rescheduled for June 2. Similarly, the National Economic Council meeting, which focuses on the overall economic outlook, is expecting to take place in the first week of June. Any delays in these meetings may have implications on the finalization of the budget, potentially necessitating changes to the budget timeline.
Officials from the Ministry of Finance have announced their intention to present the new budget on June 9. This demonstrates their commitment to adhering to a revised schedule and providing stability in uncertain times.
