Ministry of Finance, Revenue and Economic Affairs
Seal of Government of Pakistan
|Formed||August 14, 1947|
|Jurisdiction||Federal Government of Pakistan|
|Headquarters||Islamabad, ICT, Pakistan|
The Ministry of Finance, Revenue, and Economic Affairs or Ministry of Finance (Urdu: وزارت مالیات, abbreviated as MoF) is a cabinet-level department of the Government of Pakistan which was formed on 15 August 1947. The ministry is primarily concerned with promoting economic growth and activities throughout Pakistan.
The executive and political head of authority at the ministry is the Minister of Finance who must be an elected member of the Parliament of Pakistan. The most recent Minister of Finance was Mohammad Ishaq Dar, who was forced out of office on July 28, 2017 after being convicted by the Pakistani Supreme Court of corruption charges related the Panama Papers scandal.
The Finance Division (FD) is the most elite bureaucratic division under the Finance Ministry's purview. The FD comes under the supervision of the Secretary of Finance, an office held by Tariq Bajwa as of 2017.
The division's bureaucracy is divided into several wings and units as listed below:
- Human Resource Management (HRM) 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.
- 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.
- 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.
- Economic Adviser's (EA) 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.
- Expenditure Wing: Basic functions include the revision and finalisation of the federal budget, enforcement of economic measures and disbursements of pension funds.
- External Finance (EF) 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.
- External Finance Policy (EFP) 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).
- Economic Reforms Unit (ERU): 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.
- 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.
- Development Wing
- Internal Finance Wing
- Investment Wing
- Provincial Finance Wing
- Regulations Wing
The FD also delegates its functions to specialised sub-departments within the division, which include the following:
- Office of the Auditor General (AG)
- Office of the Controller General of Accounts (CGA)
- Central Directorate of National Savings (CDNS)
- Debt Policy Coordination Office (DPCO)
- Pakistan Mint
- Federal Treasury Offices
This division is headed by Secretary, Revenue Division; who usually is an ex officio Chairman of the Federal Board of Revenue (the supreme tax agency). This division (Federal Board of Revenue) is responsible for: (i) formulation and administration of fiscal policies, (ii) levy and collection of federal taxes and (iii) quasi-judicial function of hearing of appeals. 34878798909-
Economic Affairs Divisions The Economic Affairs Division (EAD) is responsible for requirement assessment, programming and negotiations of external economic assistance concerning the Government of Pakistan and its constituent units from foreign governments and multilateral agencies. Amongst 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. The EAD has thirteen wings and comes under the supervision of the Secretary of Economic Affairs, an office held by Muhammad Saleem Sethi as of 2014.
The Statistics Division includes initially included the Federal Bureau of Statistics, the Population Census Organization and the Agricultural Census Organization. In 2015, all three were merged into a single department - Pakistan Bureau of Statistics.
Planning and Development
Includes these semi-autonomous organizations:
- National Fertilizer Development Centre
- National Logistics Cell
- Pakistan Institute of Development Economics
- Pakistan Planning and Management Institute
- Finance Minister of Pakistan
- Finance Secretary of Pakistan
- Economic Coordination Committee
- Ministry of Commerce (Pakistan)
- Planning Commission (Pakistan)
- Pakistan Board of Investment
- Trading Corporation of Pakistan
- Rice Export Association of Pakistan
- Financial Monitoring Unit
- IFRS in Urdu
- "Minister's Profile". Ministry of Finance. Government of Pakistan. Retrieved 12 July 2014.
- Finance Division 2011, p. 6
- Finance Division 2011, p. 11
- Finance Division 2011, p. 28
- Finance Division 2011, p. 30
- Finance Division 2011, p. 32
- Finance Department 2011, p. 34
- Finance Division 2011, p. 38
- Finance Division 2011, p. 47
- Finance Division 2011, p. 51
- "Overview: Economic Affairs Division". Ministry of Finance, Revenue, Economic Affairs, Statistics and Privitisation. Government of Pakistan. Retrieved 12 July 2014.
- Finance Division (2011). Year Book 2010–2011 (PDF). Islamabad: Government of Pakistan.