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Budget calendar

The statutory timetable for preparing, approving, executing and reporting on the state budget, as set by the Budget Policy Law (Article 14). The fiscal year runs from 1 January to 31 December.

1 / 4Budget preparation

  1. 15 May

    Step 1

    Prepare the Budget Outlook Paper (BOP)

    Responsible: Ministry of Finance – Economics department

  2. 30 May

    Step 2

    Set priority expenditure ceilings

    Responsible: Budget Policy Committee

  3. 30 May

    Step 3

    Prepare the Macro-Fiscal Framework (MFF)

    Responsible: Ministry of Finance – Economics department

  4. 30 June

    Step 4

    Prepare the Medium-Term Budget Framework (MTBF)

    Responsible: Ministry of Finance – Budget department

  5. 1 July

    Step 5

    Present the MFF and MTBF to the Budget Policy Committee for advice on priorities

    Responsible: Minister of Finance

  6. 5 July

    Step 6

    Consult Parliament's Economic Sub-committee

    Responsible: Minister of Finance

  7. 10 July

    Step 7

    Hold public budget consultation hearings

    Responsible: Ministry of Finance – Budget department

  8. 20 July

    Step 8

    Set recurrent expenditure ceilings

    Responsible: Minister of Finance

  9. 1 August

    Step 9

    Ministries, departments and agencies prepare and submit budget proposals

    Responsible: Ministries, departments and agencies

  10. 15 August

    Step 10

    Budget discussions, negotiations and consolidation of proposals

    Responsible: Ministry of Finance – Budget department, with ministries

2 / 4Budget approval

  1. 1 September

    Step 11

    Submit the consolidated budget to the Executive Council

    Responsible: Ministry of Finance – Budget department

  2. 15 September

    Step 12

    Executive Council approves the budget

    Responsible: Executive Council

  3. 1 October

    Step 13

    Submit the approved budget to Parliament

    Responsible: Minister of Finance and Budget department

  4. 15 October

    Step 14

    Parliamentary hearings on the budget

    Responsible: Parliament's Economic Sub-committee

  5. 31 October

    Step 15

    Next milestone

    Parliament approves the budget

    Responsible: Parliament

  6. 5 November

    Step 16

    Issue the budget approval letter

    Responsible: Speaker of Parliament

  7. 15 November

    Step 17

    Sign and enact the approved budget

    Responsible: President

3 / 4Budget execution

  1. 15 December

    Step 18

    Notify ministries to implement the approved budget

    Responsible: Minister of Finance; ministries

  2. 1 January

    Step 19

    Fiscal year begins — implementation of the approved budget

    Responsible: All government institutions

4 / 4Accounting, reporting & audit

  1. Every quarter

    Step 20

    Prepare and submit quarterly budget reports

    Responsible: All government institutions

  2. 15 March

    Step 21

    Prepare the annual accounts and financial statements

    Responsible: Accountant General

  3. 31 March

    Step 22

    Approve the annual accounts and financial statements

    Responsible: Council of Ministers

  4. 1 March – 30 April

    Step 23

    Audit of the annual accounts and financial statements

    Responsible: Auditor General

Source: Budget Policy Law, Article 14 (Tables 2–5).

Read the Budget Policy Law