The Budget in Brief presents a synopsis of the Federal Budget 2016-17. It provides aggregated information on revenues and expenditures budgeted for fiscal year 2016-17 along with budget estimates and revised estimates for the outgoing fiscal year 2015-16. Detailed information is available in the relevant budget documents. Budgeting and accounting classification system used in the budget remains the same which was adopted under the New Accounting Model introduced in fiscal year 2004-05.
The Medium Term Budgetary Framework (MTBF) process, initiated in the fiscal year 2009-10 has been strengthened with experience. Indicative budget ceilings for the current and development budgets are issued to all Principal Accounting Officers of the Federal Government on a three-year rolling basis. The annual budget estimates for any fiscal year e.g 2016-17 are then finalised in consultation with various federal Ministries. Linkage of allocations to public service delivery is obtained through Output Based Budgeting, where the budget is formulated in terms of service delivery (outputs) expected from budgetary allocations and the projected effects of these services on target population (outcomes) over the medium term. Performance of federal Government Ministries is then monitored against precisely defined key performance indicators.
Medium term macroeconomic indicators have also been included in this document to provide the strategic economic perspective which contextualizes the Budget 2016-17.
For the convenience of readers, some additional information regarding subsidies, loans and advances and public sector development programme has been shown separately. After approval by the parliament, all budget books including the Budget in Brief will be uploaded on the website of the Ministry of Finance: www.finance.gov.pk.
‘Budget at a Glance’ given at the end of this document offers a quick overview of the federal budget. I hope that this document will prove to be of benefit to all those who seek a simple and clear understanding of Budget 2016-17.