ISLAMABAD, May 22: The incoming PML-N government is expected to present the first budget for 2013-14 by June 14.

A senior official told Dawn that the finance ministry had proposed June 7 for presentation of the budget so that it could be approved by parliament before June 30 after a debate.

Due to the time being taken by government formation, it might not be possible to convene the budget session of parliament in the first week of June, said Senator Ishaq Dar who is tipped to be the new finance minister.

He said that since major budgetary proposals have already been introduced through a presidential ordinance it would not take much time to fine-tune the budget.

Over the past 10 years, the official said, the federal budget had been announced on the first or the second of June but since the country was currently going through the process of transfer of power, a few days’ delay would not make much difference.

It was not yet clear if the new prime minister would take oath in a week, he said. “There are indications that the prime minister will take oath on June 3.”

After that it would take a couple of days to form the federal and provincial governments and reconstitute the National Economic Council.

Under the constitution, the council is headed by prime minister and comprises four chief ministers, federal and provincial ministers for finance and planning and development and a few federal members. It approves the Public Sector Development Programme, annual plan and macroeconomic framework for the next year.

Based on the approvals, the printing of budget documents takes almost a week.

Hence it would be advisable to convene the budget session at the start of second week of June after consultations with the National Assembly secretariat, finance division and prime minister’s secretariat, the official said.