Pakistan to switch to three-yearly budget

ISLAMABAD - Pakistan has decided to switch to a three-yearly budget, making it perhaps the only country in the world to do so.

The decision to do away from the annual exercise was taken at a cabinet meeting Wednesday presided over by Prime Minister Yousuf Raza Gilani and would be implemented from next June, Information Minister Qamar Zaman Kaira said at a media briefing.

The most important decision taken in the cabinet meeting related to the budget, he said, adding the cabinet approved a framework presented by the finance minister under which a combined budget for three years would be presented in parliament from next June.

The major objective of this move was to enable ministries and institutions to determine their priorities for the next three years, Online news agency quoted Kaira as saying.

Henceforth, the finance ministry alone would not work out budget but other ministries and departments would also be made a part of the exercise, he said, adding that the budget would also be referred to the standing committees of the respective ministries before being presented in parliament.