Finance Ministry begins formulating 2022-2024 mid-term budget

Ministry of Finance has begun formulating the projected mid-term budget for 2022-2024.

The mid-term budget for the upcoming three years is formed based on the government’s Strategic Action Plan (SAP) and the National Resilience and Recovery Plan. In a circular released on April 15, the finance ministry said state institutions have been instructed to provide details of the new programmes and projects planned for the next three years, as part of the first stage of formulating the mid-term budget.

The finance ministry said the programmes and projects proposed as new policy initiatives must be newly proposed programmes and projects that need additional allocation in the budget. The ministry said such initiatives must have an outcome that justifies the expenditure, and must help achieve the primary goals and objectives set under the SAP. Decisions on implementing the new policy initiatives will be made by the finance ministry and the President’s Office.

The finance ministry said new policy initiatives and avenues for additional income must be submitted to the ministry by June 30. The ministry said local councils are not required to follow this circular.