Critical Evaluation of the Budget Making Process in Pakistan

PIDE Knowledge Brief No. 28:2021
Publication Year : 2021

The budget of a country depicts the picture of its financial, fiscal, economic, and social and welfare objectives. It also gauges the policies of the government; both in domestic arena and international domain. It projects a vision for the future of its people. The decisions made in the budget and their allocations accordingly have a strong impact on the socio-economic outlook of the society. In developing countries like ours and democracies in general, budget is crucial determinant of the future of the ruling party/sitting government – who formulate, illustrate, and implement it. Budget in this regard can be considered as part of the campaign for the next election as well, and ruling party gets an advantage for sure. Moreover, owing to its sheer importance, it has a distinct place in the machinery of parliament. It is one of the most significant legislation that is debated and passed there during the fiscal year. On account of its so much eminence, the whole process of groundwork, determining, deliberation, endorsement, implementation and monitoring the execution of the budget also assumes a special importance to any democratic system. Internationally, different measures and ways are employed just to make sure that budget is inclusive.