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Year Book 2012−2013

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Year Book 2012−2013 Year Book 2012–2013 Government of Pakistan Finance Division Islamabad www.finance.gov.pk 1 CONTENTS Page No. Preface................................................................................... 1 Mission Statement ................................................................ 3 General ................................................................................... 5 Functions of the Finance Division ........................................... 5 Organizational Chart of the Finance Division .......................... 7 HRM Wing .............................................................................. 9 Budget Wing.......................................................................... 17 Budget and its Functions ................................................... 17 Type of Budget .................................................................. 25 Annual Development Programme ................................... 27 Medium Term Budgetary Framework (MTBF) ................... 38 Central Directorate of National Savings (CDNS) ............... 40 Corporate Finance Wing....................................................... 47 Economic Adviser’s Wing .................................................... 51 Expenditure Wing ................................................................. 55 External Finance Wing ......................................................... 57 External Finance (Policy Wing) ............................................ 59 Economic Reforms Unit (ERU) ............................................ 65 Finance Division (Military) .................................................... 69 Development Wing................................................................ 73 Internal Finance Wing ........................................................... 75 Zari Taraqiati Bank Ltd. (ZTBL) ......................................... 75 SME Bank Limited ............................................................ 77 House Building Finance Corporation ................................. 78 Pakistan Security Printing Corporation .............................. 79 State Bank of Pakistan ...................................................... 80 i National Bank of Pakistan ................................................. 83 First Women Bank Limited ................................................ 86 Financial Monitoring Unit (FMU) Karachi ........................... 87 Investment Wing ................................................................... 91 Securities and Exchange Commission of Pakistan ............ 91 Infrastructure Project Development Facility ....................... 103 Competition Commission of Pakistan ................................ 106 National Investment Trust Limited (NITL) .......................... 110 Nit Equity Market Opportunity Fund (NIT-EMOF) .............. 113 Fixed Income Funds ................................................. 113 Micro Finance .................................................................. 115 Provincial Finance ................................................................ 119 Regulations Wing ................................................................. 125 Litigation Wing ...................................................................... 131 Auditor General of Pakistan ................................................. 135 Project to Improve Financial Reporting & Auditing (PIFRA) 135 Federal Treasury Islamabad ............................................. 139 Pakistan Mint .................................................................... 140 Debt Policy Coordination Office (DPCO) ........................... 143 ii COMPILATION TEAM Mr. IFTIKHAR AHMAD Joint Secretary (HRM) Mr. MIR AFZAL KHAN Deputy Secretary (Services) SYED BUNIAD HAIDER Section Officer (Protocol/DOC) Protocol Officer to Finance Minister Vetted by: Mr. MANZOOR AHMED YUSUFI Deputy Economic Adviser Composed by: MAQSOOD AHMAD KHAN Composer MUHAMMAD NAEEM AKHTAR Composer iii M.T. PC # Lab-02 Job No. 102(14)Finance PREFACE Pursuant to Rule 25 of the Rules of Business 1973, the Year Book 2012-13, delineates activities undertaken by various Wings and Sections of the Finance Division and its constituent organizations during the year under review with reference to the Division’s mission statement. The Year Book elaborates functions, organization structure, area of responsibilities, working setup and chain of command of Finance Division which is reflected in the activities and accomplishments during fiscal year 2012-13. The Year Book highlights the main achievements of Finance Division as a whole and also individually of its attached departments and organizations in their concerned operational and policy areas. Finance Division is committed to developing and implementing pragmatic economic policies and promoting sustainable and equitable economic growth through transparent and efficient financial management of public resources. The Year Book presents an overview of the internal and external challenges which confronted the domestic economy during the year. Despite these challenges, Pakistan’s economy is showing signs of recovery and going forward.It is envisaged that the implementation of ongoing structural reforms will take the country to a higher growth trajectory. I hope that the Year Book will serve as a useful document to the concerned stakeholders. Dr. Waqar Masood Khan Finance Secretary 1 2 MISSION STATEMENT OF THE FINANCE DIVISION To pursue sound and equitable economic policies that put Pakistan on the path of sustained economic development and macroeconomic stability with a view to continuously and significantly improving the quality of life of all citizens through prudent and transparent public financial management carried out by dedicated professionals. 3 4 GENERAL FUNCTIONS OF THE FINANCE DIVISION The following functions are allocated to the Finance Division under Rules of Business, 1973: 1. Finances of the Federal Government and financial matters affecting the country as a whole. 2. The Annual Budget Statement and the Supplementary and Excess Budget Statements to be laid before the National Assembly; the schedules of authorized expenditure. 3. Accounts and Audit. 4. Allocation of share of each provincial government in the proceeds of divisible Federal Taxes; National Finance Commission. 5. Public debt of the federation both internal and external; borrowing money on the security of the Federal Consolidated Fund. 6. Loans and advances by the federal government. 7. Sanctions of internal and external expenditure requiring concurrence of the Finance Division. 8. Advice on economic and financial policies; promotion of economic research. 9. Proper utilization of the country’s foreign exchange resources. 10. Currency, coinage and legal tender, Pakistan Security Printing Corporation and Pakistan Mint. 11. Banking, investment, financial and other corporations, that is to say: (i) Central Banking; State Bank of Pakistan; (ii) Other banking (not including co-operative banking) and investment and financial corporations with objects and business not confined to one Province; and 5 (iii) Incorporation, regulation and winding up of corporations including banking insurance and financial corporation’s not confined to or controlled by or carrying on business in one Province. 12. Company Law: Accountancy, Matters relating to the Partnership Act, 1932. 13. Investment policies; Capital issues (Continuance of Control) Act, 1947; Statistics and research work pertaining to investment and capital. 14. Stock exchanges and future markets with objects and business not confined to one Province; Securities Regulations. 15. Financial settlement between Pakistan and India and division of assets and liabilities of the pre-independence Government of India. 16. Framing of rules on pay and allowances, retirement benefits, leave benefits and other financial terms and conditions of service. 17. Cost Accountancy. 18. International Monetary Fund. 19. State lotteries. 20. Monopoly Control and Anti-Cartel Laws. 21. Deregulation policies. 22. Administration of Economic Reforms Order, 1978. 23. Negotiations with international organizations and other countries and implementation of agreements thereof. 6 ORGANIZATIONAL CHART OF FINANCE DIVISION 7 8 HUMAN RESOURCE MANAGEMENT (HRM) WING Introduction The concept of Human Resource Management is all- encompassing as it caters for development, training, management and service delivery in an organization. In Finance Division, the erstwhile Administration Wing was re-organized and re-named as Human Resource Management Wing in line with the vision and mission of the Ministry of Finance. The Quality Assurance Programme was introduced in the Ministry aiming at enhancing the customer’s satisfaction level, improving quality and output of internal working, service delivery and to create better working environment for officers and staff. This objective in view, all-out efforts were made during the year to bring in improvement remaining within the available budget. An awareness was created and steps were taken for better service delivery. Human Resource Management is headed by a Joint Secretary and functions under the supervision and guidance of Finance Secretary and Additional Finance Secretary (HRM).The Joint Secretary (HRM) is assisted by six Deputy Secretaries, twelve Section Officers, one Accounts Officer and an Assistant Accounts Officer. Finance Division also has an independent Library headed by a Librarian. An Organogram of HRM Wing is given below:- JS(HRM)/ FA(Estt/NSPP/FPSC
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