Pre-Budget Session on the State of Economy & Annual Budget 2024-25 for Members of Senate held at Parliament House

ISLAMABAD, June 11 (SABAH): A Pre-Budget Session on the State of Economy and Annual Budget 2024-25 was held for the Members of the Senate of Pakistan on Tuesday. The event was successfully organized at the Parliament House by the Senate Secretariat’s Parliamentary Development Unit (PDU) in collaboration with the Pakistan Institute of Parliamentary Services (PIPS) and Mustehkam Parlimaan. The sessions included thorough presentations on the state of Pakistan’s economy, Role of the Senate in the budget making process, and key policy considerations for the upcoming Annual Budget 2024-25. The session saw participation from existing as well as the newly elected Senators.

Senator Saleem Mandviwalla, the Chairman of the Senate Standing Committee on Finance and Revenue, and Former Finance Minister held an interactive session with participants and shared his valuable experience from the perspective of budget scrutiny through parliamentary committees. He noted that the Senate engages in thorough deliberations, examining the proposed annual budget clause by clause throughout the budgetary cycle, and after introduction of the budget in Parliament.

Senator Saleem Mandviwalla conceded that while the Senate only plays a recommendatory role in the Annual Budget with the Government not bound to accept its recommendations, he stated that over the years, several recommendations of the Senate of Pakistan have been accepted and incorporated. During the session, Senator Azam Nazeer Tarar, Federal Minister for Law and Justice and Parliamentary Affairs commented that Pakistan is in dire need of charter of economy to upswing the economic condition of the country. Similarly Senator Fouzia Arshad, Danesh Kumar, Mohsin Aziz, and other Senators stressed the need for chalking out a plan for revival of Pakistan’s economy.

Similarly, the Former Executive Director, PIPS, Muhammad Anwar elaborated the role of the Senate in the budget process as an important recommendatory body. While the National Assembly holds primary authority over financial matters, the Senate’s role in scrutinizing and recommending amendments to the annual budget is paramount, which may within 14 days make recommendations thereon to the National Assembly.

The Director, Budget Computerization, Ministry of Finance, Muhammad Adnan Azeem conducted an informative session on reading and analyzing budget publications, which reflect the most important policies of the government. The session provided Senators with an overview of what to look for in each budget publication, and how to analyze the information provided therein.

Former State Bank Chair, Dr. Wasim Shahid Malik conducted a session on the state of Pakistan’s economy, in light of historical perspectives. Amidst Pakistan’s struggle to reinvigorate growth and curb rising inflation, the session provided insights on measures that have become inevitable for policy makers to consider.

Participating Senators took a keen interest in the presentations, asking questions and engaging in discussions. Their queries were answered to their best satisfaction, and the sessions imparted critical knowledge allowing legislators to better understand and effectively utilize their legislative powers in the budget process.

The pre-budget session concluded by setting the stage for intense deliberations and policy decisions ahead of the annual budget announcement, with Senators expressing their expectations for a comprehensive budget that addresses economic challenges while fostering growth and development.