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Ministry of Finance (Pakistan)

From Wikipedia - Reading time: 9 min

Ministry of Finance
وزارت خزانہ
Agency overview
FormedAugust 14, 1947; 77 years ago (1947-08-14)
JurisdictionGovernment of Pakistan
HeadquartersPakistan Secretariat, ICT, Pakistan
Ministers responsible
Agency executive
WebsiteOfficial Website

The Ministry of Finance is a cabinet-level ministry of the government of Pakistan that is in charge of government finance, fiscal policy, and financial regulation. A Finance Minister, an executive or cabinet position heads it. The Minister is responsible each year for presenting the federal government's budget to the Parliament of Pakistan.

History of the Ministry of Finance

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Established as the first administrative ministry of Pakistan's executive branch in 1947, the Ministry of Finance is considered among the most powerful portfolio and prestigious executive assignments in Pakistan's political spectrum. Ghulam Muhammad, the first finance minister of Pakistan, had neither a watermark nor a security thread. In the line of session to the prime minister, the Finance Minister is second-in-line, and many have ascended as Prime Minister after serving first as Finance Minister.

Divisions

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Finance

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The Finance Division comes under the supervision of the Secretary of Finance. The division's bureaucracy is divided into several wings and units, which include

  • Human Resource Management Wing: Basic functions include the official business management of the organization through the provision of effective human resources. The wing also provides logistic support to various other units of the organization.[1]
  • Budget Wing: Basic functions include the coordination, preparation, printing, and publishing of fiscal budgets and related documents for the federal government. The wing is also responsible for the implementation of the budgetary targets and preparing monthly reports thereon.[2]
  • Corporate Finance Wing: Basic functions include looking after the finance, financial, and corporate affairs of all Public Sector Entities (PSEs) that work under the administrative control of various federal ministries and their divisions.[3]
  • Economic Adviser's Wing: Basic functions include the publication of the Economic Survey of Pakistan, both in Urdu and English, before the announcement of the federal budget. The budgetary supplement evaluates the overall economic performance of the country based on various economic factors as evident in the preceding fiscal year's data.[4]
  • Expenditure Wing: Basic functions include the revision and finalization of the federal budget, enforcement of economic measures, and disbursements of pension funds.[5]
  • External Finance Wing: Basic functions include the arrangement of economics from international financial institutions for balance of payments and budgetary support. The EF wing also allocates and utilizes foreign exchange and releases and maintains the funds for both civil departments and the armed forces.[6]
  • External Finance Policy Wing: Basic functions include the compilation of the Pakistan government's principal policy for macroeconomic governance and poverty reduction. The EFP wing also deals with multilateral and bilateral institutions like the World Bank, Department for International Development (DFID), Citizens Damage Compensation Programme (CDCP), SAARC Development Fund (SDF), ECO Trade and Development Bank, United Nations Development Programme (UNDP), Strengthening Poverty Reduction Strategy Monitoring Project (SPRSMP), Pakistan One UN Programme and the Joint Ministerial Commissions (JMCs/JECs).[7]
  • Economic Reforms Unit: Basic functions include the formulation of development strategies for the private sector and reviewing law, rules and regulations, pertaining to business environment that are obsolete, overlapping and inconsistent or unduly add to the cost of doing business.[8]
  • Military Wing: Basic functions include procurement of all defence equipment for the Ministry of Defence (MoD) and the Ministry of Defence Production (MoDP). The wing also prepares, executes and monitors the budget and expenditure of the armed forces, MoD, MoDP, inter-services organisations and defence production establishments.[9]
  • Development Wing
  • Internal Finance Wing
  • Investment Wing
  • Provincial Finance Wing
  • Regulations Wing

Revenue

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See also: Federal Board of Revenue (Pakistan)

The Revenue Division comes under the supervision of the Federal Secretary for Revenue, who is usually the chairman of the Federal Board of Revenue.

Departments

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See also

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References

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  1. ^ Finance Division 2011, p. 6
  2. ^ Finance Division 2011, p. 11
  3. ^ Finance Division 2011, p. 28
  4. ^ Finance Division 2011, p. 30
  5. ^ Finance Division 2011, p. 32
  6. ^ Finance Division 2011, p. 34
  7. ^ Finance Division 2011, p. 38
  8. ^ Finance Division 2011, p. 47
  9. ^ Finance Division 2011, p. 51

Sources

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  • Finance Division (2011). Year Book 2010–2011 (PDF). Islamabad: Government of Pakistan.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Ministry_of_Finance_(Pakistan)
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