Ministry of Finance, Revenue and Economic Affairs

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Ministry of Finance
وزارت خزانہ
Pakistan Ministry of Finance Logo.png
Agency overview
Formed August 14, 1947; 71 years ago (1947-08-14)
Jurisdiction Government of Pakistan
Headquarters Block Q, Pak Secretariat
Islamabad, ICT, Pakistan. 44000.
Minister responsible
Agency executives
Website Official Website

The Ministry of Finance, Revenue & Economic Affairs (Urdu: وزارت خزانہ، محصولات و اقتصادی امور‎) or Ministry of Finance (Urdu: وزارت خزانہ‎, Wazarat-e-khazana, abbreviated as MoF) is a ministry of the Government of Pakistan tasked to ensure a strong Pakistani economy by developing policies of sound economic management and providing expert advice to the government.

Minister[edit]

The Minister of Finance is leading cabinet member who responsible each year for presenting the federal government's budget. It is one of the most important positions in the Cabinet. Because of the prominence and responsibility of this position, it is not uncommon for former Ministers of Finance to be appointed Prime Minister. The current Minister of Finance is Asad Umar. Former Finance Minister Mohammad Ishaq Dar,[1] who was forced out of office on 28 July 2017 after being convicted by the Supreme Court of Pakistan of corruption charges relating to the Panama Papers scandal.[2]

Divisions[edit]

Finance[edit]

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 organisation through the provision of effective human resource. The wing also provides logistic support to various other units of the organisation.[3]
  • 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.[4]
  • Corporate Finance Wing: Basic functions include looking after the economic, financial, and corporate affairs of all Public Sector Entities (PSEs) that work under the administrative control of various federal ministries and their divisions.[5]
  • Economic Adviser's Wing: Basic functions include the publication of the Economic Survey of Pakistan, both in Urdu and English, prior to 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.[6]
  • Expenditure Wing: Basic functions include the revision and finalisation of the federal budget, enforcement of economic measures and disbursements of pension funds.[7]
  • External Finance Wing: Basic functions include the arrangement of financing from international financial institutions for balance of payments and budgetary support. The EF wing also allocates and utilises the foreign exchange and releases and maintains the funds for both civil departments and the armed forces.[8]
  • 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.[10]
  • 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.[11]
  • Development Wing
  • Internal Finance Wing
  • Investment Wing
  • Provincial Finance Wing
  • Regulations Wing

Revenue[edit]

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

Economic Affairs[edit]

The Economic Affairs Division comes under the supervision of the Pakistan Secretary of Economic Affairs; and is responsible for assessing, programming and negotiations of external economic assistance concerning the government and its constituent units from foreign governments and multilateral agencies.[12] Among its various functions are the management of external debt, provision of technical assistance to foreign countries, lending and re-lending of foreign loans, and monitoring of aid utilisation.

Departments[edit]

See also[edit]

References[edit]

  1. ^ "Minister's Profile". Ministry of Finance. Government of Pakistan. Archived from the original on 29 October 2016. Retrieved 12 July 2014. 
  2. ^ https://en.dailypakistan.com.pk/pakistan/ishaq-dar-captain-safdar-disqualified-by-supreme-court/[permanent dead link]
  3. ^ Finance Division 2011, p. 6
  4. ^ Finance Division 2011, p. 11
  5. ^ Finance Division 2011, p. 28
  6. ^ Finance Division 2011, p. 30
  7. ^ Finance Division 2011, p. 32
  8. ^ Finance Department 2011, p. 34
  9. ^ Finance Division 2011, p. 38
  10. ^ Finance Division 2011, p. 47
  11. ^ Finance Division 2011, p. 51
  12. ^ "Overview: Economic Affairs Division". Ministry of Finance, Revenue, Economic Affairs, Statistics and Privitisation. Government of Pakistan. Archived from the original on 24 September 2014. Retrieved 12 July 2014. 

External links[edit]