The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A government budget presents the government's proposed revenues and spending for a financial year.
A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position.
The Treasurerof Australia, also known as the FederalTreasurer or more simply the Treasurer, is the minister of state of the Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury. The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.
The Stability and Growth Pact (SGP) is an agreement, among all the 27 member states of the European Union (EU), to facilitate and maintain the stability of the Economic and Monetary Union (EMU). Based primarily on Articles 121 and 126 of the Treaty on the Functioning of the European Union, it consists of fiscal monitoring of member states by the European Commission and the Council of the European Union, and the issuing of a yearly Country-Specific Recommendation for fiscal policy actions to ensure a full compliance with the SGP also in the medium-term. If a member state breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an Excessive Deficit Procedure (EDP); and if these corrective actions continue to remain absent after multiple warnings, a member state of the eurozone can ultimately also be issued economic sanctions. The pact was outlined by a European Council resolution in June 1997, and two Council regulations in July 1997. The first regulation "on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies", known as the "preventive arm", entered into force 1 July 1998. The second regulation "on speeding up and clarifying the implementation of the excessive deficit procedure", sometimes referred to as the "dissuasive arm" but commonly known as the "corrective arm", entered into force 1 January 1999.
Monetary policy pertains to the regulation, availability, and cost of credit, while Fiscal policy deals with government expenditures, taxes, and debt. Through management of these areas, the Ministry of Finance regulated the allocation of resources in the economy, affected the distribution of income and wealth among the citizenry, stabilized the level of economic activities, and promoted economic growth and welfare.
A government budget is a projection of the government's revenues and expenditure for a particular period, often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly include taxes while expenditures consist of government spending. A government budget is prepared by the Central government or other political entity. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. The government implements economic policy through this budget and realizes its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees, and other revenues. State budget expenditures cover the activities of the state, which are either given by law or the constitution. The budget in itself does not appropriate funds for government programs, hence the need for additional legislative measures. The word budget comes from the Old French brunette.
The Minister of Finance of Nigeria is a senior cabinet official in the Nigerian Federal Executive Council. The Finance Minister's directs the Nigerian Ministry of Finance and ensures that it operates in a transparent, accountable and efficient manner to bolster the country's economic development priorities. The Minister is assisted by the Permanent Secretary of the Ministry of Finance, a career civil servant. The current Nigerian Minister of Finance is Wale Edun appointed by President Bola Tinubu on 16 August 2023.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, currency regulation, banking service, centre and state finances, and the Union Budget.
The Ministry of Finance, Planning and Economic Development (MoFPED) is a cabinet-level government ministry of Uganda. Its mandate is to formulate sound economic and fiscal policies, mobilize resources for the implementation of government programmes, disburse public resources as appropriated by Parliament, and account for their use in accordance with national laws and international best practices. The cabinet minister of finance is Matia Kasaija. MoFPED was created by the 1995 Constitution of Uganda and derives its power from the Constitution and related acts of parliament, including the 2001 Budget Act and the 2003 Public Finance and Accountability Act. The current Director of Economic Affairs in the Ministry of Finance, Planning and Economic Development of Uganda is Lawrence Kiiza.
The Ministry of Finance is a government ministry of Tanzania.
The Pakistan federal budget of 2010–2011 has been prepared in accordance with the budgeting and accounting classification system that has been approved by the Government of Pakistan as an integral part of the New Accounting Model. The three years medium-term indicative budget ceilings for the current and development budgets as approved by the Cabinet were issued to all Principal Accounting Officers of the Federal Government.
The Pakistan federal budget of 2009–2010 has been prepared in accordance with the budgeting and accounting classification system that has been approved by the Government of Pakistan as an integral part of the New Accounting Model. This is the first year the federal budget is being prepared using the newly adopted Medium-Term budgetary Framework (MTBF). Under this method macro projections are made over a rolling 3-year budgetary horizon. This year, expenditure ceilings were issued to Ministries on recurrent budget after Cabinet's approval, in line with the Government's stated priorities.
The Pakistan federal budget of 2011–2012 was presented in the National Assembly with a total outlay of 3.767 trillion rupees for fiscal year 2011–12. The budget was prepared in accordance with the budgeting and accounting classification system approved by the Government of Pakistan as an integral part of the new accounting model. The three year's medium-term indicative budget ceilings were issued to all principal accounting officers of the federal government. A new budget preparation method, called the 'output based budgeting' was introduced, which presented the federal budget by services and effects of services on target population and linked them with performance indicators and targets over the 3-year period. The budget was called 'pro-poor budget' by the parliamentarians.
The Swiss federal budget refers to the annual revenue and expenditures of the Swiss Confederation. As budget expenditures are issued on a yearly basis by the government, the federal council, and have to be approved by the parliament, they reflect the country's Fiscal policy.
The Ministry of Finance, abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The Federal Budget 2013–14 was the federal budget of Pakistan for the fiscal year beginning from 1 July 2013 and ending on 30 June 2014. The budget was presented by Finance Minister Ishaq Dar on 12 June 2013 during a session of the National Assembly. This is the first federal budget presented during the tenure of newly elected Prime Minister Nawaz Sharif and his cabinet since the change of government following the nationwide general elections held in 2013.
The Ministry of Finance, abbreviated MOF, is a ministry of the Government of Somalia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Somali federal budget to the Parliament.
The Punjab Finance Department is a department of the Government of Punjab, Pakistan. It is responsible for supervision and control of provincial finances, preparation of provincial budget, formulation of financial rules and management of public debt. It is headed by a provincial minister with the coordination of a finance secretary.
Muhammad Hammad Azhar is a Pakistani politician from Pakistan Tehreek-e-Insaf. He was elected from NA-126 (Lahore-IV) in 2018 Pakistani general election and remained a member of National Assembly of Pakistan between August 2018 to January 2023. He served in various ministerial positions in Imran Khan ministry between 2018 and April 2022. He served as Energy Minister of Pakistan and Finance Minister of Pakistan between 16 April 2021 to 3 April 2022 and 29 March 2021 to 16 April 2021 respectively.
The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June, 2023 after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. The budget was accepted the next day. The Federal Budget entailed the raising of the Petroleum Development Levy (PDL) and lifting of all restrictions on imports. These revisions came after talks between the Prime Minister Shehbaz Sharif and IMF Director Kristalina Georgieva. The total budget outlay (expenditure) of the new budget was Rs 14.46 trillion, 51% higher than the previous year. Federal Revenue for the budget was budgeted as Rs 12.163 trillion, with Rs 5.276 trillion being transferred to the provinces, leading to a net revenue of Rs 6.887 trillion, 36.9% higher than the previous year. The FBR's budgetary target was set at Rs 9.200 trillion, 23% than last year's target. The fiscal deficit being estimated at Rs 6.923 trillion or 6.54% of the GDP. The budget claimed it added no new taxes, no increases in duties on import of essential items, exemptions of custom duties on certain agricultural goods, and an increase in government wages and minimum wage proposals. The budget included funding for a number of development initiatives to increase the nation's economic growth rate. The original outlays for the PDSP being estimated at Rs. 2.66 trillion for the development programme, which included a Rs 950 billion federal Public Sector Development Programme (PSDP), that was approved by the Annual Plan Coordination Committee (APCC). The PDSP would later be further increased to Rs. 2.709 trillion, with Rs. 1.150 trillion being allocated to the Federal Portion, an increase of 58.2% from the previous budget of the development program. The government claimed to alleviate fiscal restrictions and boost sector growth, setting a GDP growth rate of 3.5 percent. This is despite claims of the government engaging in "poll politics", seen in the large Federal Development Budget. Ishaq Dar stated that "This budget should not be seen as an 'election budget' – it should be seen as a 'responsible budget'" By the end of the financial year, Pakistan's real GDP growth rate was reduced to 0.3 percent.
