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'{{Short description|Pakistan government ministry concerning economy, development}} {{Multiple issues| {{One source|date=September 2019}} {{Primary sources|date=September 2019}} }} {{Use dmy dates|date=July 2014}} {{Infobox government agency | agency_name = Ministry of Finance | nativename = {{nq|وزارت خزانہ}} | native_name_lang = ur | nativename_a = | nativename_r = | logo = | logo_width = | logo_caption = | seal = Pakistan_Ministry_of_Finance_Logo.png | seal_width = 250px | seal_caption = | formed = {{Start date and years ago|1947|8|14}} | preceding1 = | preceding2 = | dissolved = | superseding = | jurisdiction = [[Government of Pakistan]] | headquarters = [[Pakistan Secretariat]] in [[Islamabad]]<br>[[Islamabad Capital Territory]], [[Pakistan]] | coordinates = | region_code = | employees = | budget = | minister1_name = ''Vacant'' | minister1_pfo = [[Pakistan Minister of Finance|Minister of Finance]] | chief1_name = Kamran Ali Afzal, [[Finance Secretary of Pakistan|Secretary of Finance]] | chief2_name = | chief3_name = Asim Ahmad, [[Pakistan Secretary of Economic Affairs|Economic Affairs Secretary]] | website = {{URL|http://www.finance.gov.pk/|Official Website}} | footnotes = | chief1_position = | chief2_position = | chief3_position = | chief4_name = | chief4_position = | chief5_name = | chief5_position = | chief6_name = | chief6_position = | chief7_name = | chief7_position = | chief8_name = | chief8_position = | chief9_name = | chief9_position = | parent_department = | }} The '''Ministry of Finance''' ({{lang-ur|{{nq|وزارت خزانہ}}}}, [[Transliteration|''Trans.'']] ''Wazarat-e-Khazana'', abbreviated as '''MoF'''), is a [[treasury|national treasury]] and an [[Cabinet of Pakistan|executive]] ministry of the federal [[Government of Pakistan]], charged with economic development, government financing, and revenue planning.<ref>{{cite web |title=Ministry of Finance |url=https://www.finance.gov.pk/index.html |access-date=10 August 2023}}</ref> The ministry oversees growth of national currency by controlling the prints of all [[Pakistan Mint|paper currency and the minting coins]] through [[State Bank of Pakistan|State Bank]], and collects all [[Tax collector|collects]] all [[Taxation in Pakistan|federal taxes]] through its [[Federal Board of Revenue]]. The MoF also manages [[National debt of Pakistan|national debt]], licensing and supervising the finance institutions, and plays an important advisory in legislative and executive branches on matters of fiscal policy. Established as a first administrative ministry of the Pakistan's executive branch in 1947, the Ministry of Finance is considered among the powerful portfolio and prestigious executive assignment in Pakistan's political spectrum. The ministry is lead by the elected [[Finance Minister of Pakistan|Finance Minister]], assisted by [[Finance Secretary (Pakistan)|Finance Secretary]] and [[Pakistan Secretary of Economic Affairs|Economic Affairs Secretary]]. ==Overview and finance minister== {{main|Minister of Finance (Pakistan)}} The Ministry of Finance ([[Urdu]]: وزارت خزانہ, [[Transliteration|''Transliteration'']]: ''Wazarat-e-Khazana''), is a national treasury of Pakistan. In Pakistan's government terminology, treasure refers to the means of Finance because the ministry has responsibility to finance government operations, economic development through allocating funds for federal agencies of government of Pakistan, and collecting federal taxes from generated revenues. Therefore, the Ministry of Finance is one of the important federal administrative departments in the [[Government of Pakistan]], together with ministries of [[Ministry of Defence (Pakistan)|Defence]], [[Ministry of Energy (Pakistan)|Energy]], [[Ministry of Foreign Affairs (Pakistan)|Foreign]], and [[Ministry of Interior (Pakistan)|Interior]] since these all portfolios represents the vision and policies run by the [[Prime Minister of Pakistan]]. In the line of succession to the prime minister, the finance minister is second-in-line, and many have ascended as prime ministers after serving first as finance minister. ==Divisions== ===Finance=== The ''Finance Division'' comes under the supervision of the [[Finance Secretary of Pakistan|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 resources|human resource]]. The wing also provides [[logistics|logistic support]] to various other units of the organisation.<ref>{{harvnb|Finance Division|2011|p=6}}</ref> * '''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.<ref>{{harvnb|Finance Division|2011|p=11}}</ref> * '''Corporate Finance Wing''': Basic functions include looking after the finance, financial, and corporate affairs of all [[Public sector|Public Sector Entities]] (PSEs) that work under the administrative control of various federal ministries and their divisions.<ref>{{harvnb|Finance Division|2011|p=28}}</ref> * '''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.<ref>{{harvnb|Finance Division|2011|p=30}}</ref> * '''Expenditure Wing''': Basic functions include the revision and finalisation of the federal budget, enforcement of economic measures and disbursements of pension funds.<ref>{{harvnb|Finance Division|2011|p=32}}</ref> * '''External Finance Wing''': Basic functions include the arrangement of economical 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.<ref>{{harvnb|Finance Department|2011|p=34}}</ref> * '''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), [[South Asian Association for Regional Cooperation|SAARC Development Fund]] (SDF), [[Economic Cooperation Organization|ECO Trade and Development Bank]], [[United Nations Development Programme]] (UNDP), Strengthening Poverty Reduction Strategy Monitoring Project (SPRSMP), [[Delivering as One|Pakistan One UN Programme]] and the Joint Ministerial Commissions (JMCs/JECs).<ref>{{harvnb|Finance Division|2011|p=38}}</ref> * '''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.<ref>{{harvnb|Finance Division|2011|p=47}}</ref> * '''Military Wing''': Basic functions include procurement of all defence equipment for the [[Ministry of Defence (Pakistan)|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.<ref>{{harvnb|Finance Division|2011|p=51}}</ref> * '''Development Wing''' * '''Internal Finance Wing''' * '''Investment Wing''' * '''Provincial Finance Wing''' * '''Regulations Wing''' ===Revenue=== {{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]]. ===Economic Affairs=== 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.<ref>{{cite web|url=http://www.ead.gov.pk/gop/index.php?q=aHR0cDovLzE5Mi4xNjguNzAuMTM2L2VhZC8uL2ZybURldGFpbHMuYXNweD9vcHQ9YmFzaWMmaWQ9MQ%3D%3D|title=Overview: Economic Affairs Division|work=Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatisation|publisher=Government of Pakistan|access-date=12 July 2014|url-status=dead|archive-url=https://web.archive.org/web/20140924103134/http://www.ead.gov.pk/gop/index.php?q=aHR0cDovLzE5Mi4xNjguNzAuMTM2L2VhZC8uL2ZybURldGFpbHMuYXNweD9vcHQ9YmFzaWMmaWQ9MQ%3D%3D|archive-date=24 September 2014|df=dmy-all}}</ref> 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 [[Foreign aid to Pakistan|aid utilisation]]. ==Departments== * Accountant General Pakistan Revenues * [[Auditor General of Pakistan]] * [[Competition Commission of Pakistan]] * [[Controller General of Accounts (Pakistan)|Controller General of Accounts]] * [[Directorate General of Intelligence and Investigation]] * [[Financial Monitoring Unit]] * [[National Savings Organization]] * [[Pakistan Mint]] * [[Securities and Exchange Commission of Pakistan]] == See also == * [[Economic Coordination Committee]] * [[Ministry of Commerce (Pakistan)|Ministry of Commerce & Textiles]] * [[Pakistan Board of Investment]] * [[Trading Corporation of Pakistan]] ==References== {{reflist|3}} * {{cite book|author=Finance Division|year=2011|url=http://www.finance.gov.pk/publications/YearBook2010_11.pdf|title=Year Book 2010–2011|publisher=Government of Pakistan|location=Islamabad}} ==External links== * [https://web.archive.org/web/20050404215730/http://www.pakistan.gov.pk/finance-ministry/index.jsp Finance Ministry] * [https://web.archive.org/web/20050407214511/http://www.pakistan.gov.pk/finance-division/index.jsp Finance Division] * [https://web.archive.org/web/20050407212058/http://www.pakistan.gov.pk/revenue-division/index.jsp Revenue Division] * [http://www.pakboi.gov.pk/ Board of Investment] {{Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatization (Pakistan)}} {{Economy of Pakistan topics}} {{Cabinet of Pakistan |state=collapsed}} {{authority control}} [[Category:Economy of Pakistan]] [[Category:Ministry of Finance (Pakistan)|*]] [[Category:Government finances in Pakistan]] [[Category:1947 establishments in Pakistan]] [[Category:Ministries established in 1947]]'