{ "schema_version": "qanun-law-text/1", "id": "pk-code-ce62c30da9a53afa", "title": "Fiscal Responsibility and Debt Limitation Act, 2005", "source_collection": "Federal", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2FtZp8%3D-sg-jjjjjjjjjjjjj", "version": null, "source_snapshot": null, "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "a25de623d05ccef9a22ee349995d42a20703e70c9c2da117de01d32230e002fa", "source_sha256": "a25de623d05ccef9a22ee349995d42a20703e70c9c2da117de01d32230e002fa", "text_version_id": "law:pk-code-ce62c30da9a53afa:sha256:a25de623d05ccef9a22ee349995d42a20703e70c9c2da117de01d32230e002fa", "quality_flags": [], "encoding": "UTF-8", "text": "Page 1 of 14 \r\n \r\n \r\nTHE FISCAL RESPONSIBILITY AND DEBT LIMITATION ACT, \r\n2005 \r\n \r\n \r\n \r\n \r\n \r\n \r\nCONTENTS \r\n \r\n \r\nCHAPTER I \r\n \r\nPRELIMINARY \r\n1. Short title, extent and commencement \r\n2. Definitions \r\nCHAPTER II \r\n \r\nPRINCIPLES OF SOUND FISCAL AND \r\nDEBT MANAGEMENT \r\n3. Principles of sound fiscal and debt management \r\n \r\nCHAPTER III \r\n \r\nECONOMIC POLICY STATEMENTS \r\n4. Economic policy statements to be laid before the National Assembly \r\n5. The medium term budgetary statement \r\n6. The fiscal policy statement \r\n7. The debt policy statement \r\n7A. Medium-term national macro fiscal framework \r\n8. Disclosure of policy decisions and other matters \r\n9. Measures to enforce compliance \r\n10. Statement of responsibility \r\n11. Measures for fiscal transparency \r\n \r\n \r\n\r\n \r\nPage 2 of 14 \r\n \r\n \r\nCHAPTER IV \r\n \r\nDEBT MANAGEMENT OFFICE \r\n12. Establishment of Debt management office \r\n13. Functions of the Office \r\nCHAPTER V \r\n \r\nMISCELLANEOUS PROVISIONS \r\n14. Publication and access of statements \r\n15. Indemnity \r\n16. Application of other laws not barred \r\n17. Power to make rules \r\n18. Removal of difficulties \r\n \r\n \r\n \r\nPage 3 of 14 \r\n \r\nTHE FISCAL RESPONSIBILITY AND DEBT LIMITATION ACT, 2005 \r\n \r\nACT NO. VI OF 2005 \r\n[13th June, 2005] \r\n1[An Act to provide for reduction of Federal fiscal deficit and ratio of public debt to gross domestic \r\nproduct to a prudent level by effective public debt management \r\n WHEREAS it is expedient t o provide for reduction of Federal fiscal deficit and ratio of \r\npublic debt to gross domestic product to a prudent level by effective debt management and for \r\nmatters connected therewith and incidental thereto; \r\n \r\n It is hereby enacted as follows:—] \r\nCHAPTER I \r\nPRELIMINARY \r\n \r\n 1. Short title, extent and commencement .—(1) This Act may be called the Fiscal \r\nResponsibility and Debt Limitation Act, 2005. \r\n(1) It extends to the whole of Pakistan. \r\n(2) It shall come into force at once. \r\n2. Definitions.—In the Act, unless there is anything repugnant in the subject or context,— \r\n(a) “annual budget statement ” means the annual statement of the estimated \r\nreceipts and expenditures of the Federal Government laid before the National \r\nAssembly under Article 80 of the Constitution 1[of the Islamic Republic of \r\nPakistan]; \r\n(b) 1[* * * * * * *] \r\n2[(c) “debt reduction path” means the report on debt reduction path prepared with \r\napproval of the Federal Government;] \r\n2[(ca) “debt-to-GDP ratio” means total public debt at the end of a financial y ear \r\ndivided by gross domestic product during the same financial year;] \r\n(d) “economic policy statements ” means the economic, fiscal and debt policy \r\nstatements specified in sub-section (1) of section 4; \r\n(e) “fiscal indicators” means the measures such as nu merical ratios and \r\nproportions to gross domestic product or revenues for evaluation of the fiscal \r\nposition of the Government as may be prescribed; \r\n2[(f) “guarantee” means a contingent financial liability undertaken by the \r\nGovernment to pay the financial liability of a third party in the event when the \r\nthird-party defaults on that financial liability;] \r\n \r\n1Subs., ins. & omitted by Finance Act, 2016 (XXIX OF 2016), s.6 \r\n2 Subs. and Ins. by Act No. XII of 2022, s.2. \r\n \r\nPage 4 of 14 \r\n \r\n1[(g) “Minister” means the Federal Minister for Finance or any Minister entrusted \r\nwith the responsibility for federal public finances by the Pr ime Minister of \r\nPakistan;] \r\n1[(h) “office” means the debt management office established under section 12;] \r\n (i) “prescribed” means, except where otherwise provided, prescribed by rules \r\nmade under this Act; \r\n(j) “principles of sound fiscal and debt management ” means the principles of \r\nsound fiscal and debt management specified in section 3; \r\n2[(k) “Federal fiscal deficit” means the difference between total net revenue receipts \r\nand total expenditure of the Federal Government;] \r\n(1) 2[* * * * * * *] \r\n2[(m) “total expenditure” means a sum of total recurrent expenditure, development \r\nexpenditure and net lending of the Federal Government;] \r\n(n) 2[* * * * * * *] \r\n2[(o) “total public debt” means the debt of the Government (including the Federal \r\nGovernment and the Provincial Governments) serviced out of the \r\nConsolidated Fund and debts owed to the International Monetary Fund;] \r\n 3[Explanation.—Total debt of the Government is public debt less accumulated \r\ndeposits of the Federal and Provincial Governments with the banking system.] \r\n(p) “total revenue” means a sum of tax revenues, non-tax revenues and surcharges \r\nof the Government 1[; and] \r\n2[(q) “total net revenue of Federal Go vernment” means a sum of tax revenues, non -\r\ntax revenues and surcharges of the Government minus transfer of provincial \r\nshare.] \r\nCHAPTER II \r\n \r\nPRINCIPLES OF SOUND FISCAL AND \r\nDEBT MANAGEMENT \r\n3. Principles of sound fiscal and debt management .— (1) Subject to sub -section (4), the \r\nFederal Government shall pursue its policy objectives in accordance with the principles of sound \r\nfiscal and debt management specified in sub-section (3). \r\n2[(2) The Federal Government shall take all appropriate measures to reduce the Feder al fiscal \r\ndeficit excluding foreign grants and ratio of total public debt to gross domestic product and maintain \r\nit within prudent limits thereof.] \r\n \r\n1Subs. by Act No. XII of 2022, s.2. \r\n2Subs., omitted and added by Finance Amendment Act, 2016 (XXIX OF 2016), s.6. \r\n3Added by Finance Act, 2017 (XXVII OF 2017), s.5. \r\n \r\nPage 5 of 14 \r\n \r\n \r\n(3) In particular and without prejudice to the generality of the foregoing provisions, the \r\nfollowing shall be the principles of sound fiscal and debt management, namely:— \r\n \r\n1[(a) limiting the Federa l fiscal deficit excluding foreign grants to four percent of \r\ngross domestic product during the three years, beginning from the financial \r\nyear 2017-18 and maintaining it at a maximum of three and a half percent of \r\nthe gross domestic product thereafter; \r\n \r\n \r\n (b) ensuring that within a period of two financial years, beginning from the \r\nfinancial year 2016 -17, the total public debt shall be reduced to sixty percent \r\nof the estimated gross domestic product; \r\n (c) ensuring that within a period of five financial years , beginning from the \r\nfinancial year 2018-19 total public debt shall be reduced by 0.5 percent every \r\nyear and from 2023 -24 and going up to financial year 2032 -33 a reduction of \r\n0.75 percent every year to reduce the total public debt to fifty percent of the \r\nestimated gross domestic product and thereafter maintaining it to fifty percent \r\nor less of the estimated gross domestic product; and] \r\n(d) not issuing new guarantees, including those for rupee lending, bonds, rates of \r\nreturn, output purchase agreements an d all other claims and commitments that \r\nmay be prescribed, from time to time, for an y amount exceeding two per cent \r\nof the estimated gross domestic product in any financial year: \r\n Provided that the renewal of existing guarantees shall be considered as \r\nissuing a new guarantee 2[:] \r\n2[Provided further that the total stock of outsta nding guarantees shall \r\nnot exceed ten percent of estimated GDP. \r\nExplanation.— For the purpose of this clause, each guarantee shall be valued \r\nat its risk -weighted value in accordan ce with a valuation methodology to be \r\nprescribed.] \r\n(4) The Federal Government may depart from the principles of sound fiscal and debt \r\nmanagement on the ground or grounds of unforeseen demands on the finances of the Government \r\n2[****] as determined by the National Assembly, but when the Federal Government does so— \r\n(a) any such departure shall be temporary; and \r\n(b) the Minister shall, in accordance with the provisions of this Act, specify— \r\n(i) the reasons for the Federal Government ’s departure from those \r\nprinciples; \r\n \r\n1Subs. by Finance Act, 2016 ((XXIX OF 2016), s.6. \r\n2Subs., added and omitted by Act No. XII of 2022, s.3. \r\n \r\nPage 6 of 14 \r\n \r\n(ii) the approach or measures the Federal Government intends to take to \r\nreturn to those principles; and \r\n(iii) the period of time that the F ederal Government expects to take to \r\nreturn to those principles. \r\n \r\nCHAPTER III \r\n \r\nECONOMIC POLICY STATEMENTS \r\n4. Economic policy statements to be laid before the National Assembly.— (1) The Federal \r\nGovernment shall, in each year, cause to be laid before the Na tional Assembly, the following \r\nstatements of economic, fiscal and debt policy, namely:__ \r\n(a) the medium term budgetary statement; \r\n(b) the fiscal policy statement; and \r\n(c) the debt policy statement: \r\n 1[Provided that where the National Assembly is not in session, the \r\nstatements may be laid in the next session even if it occurs after the end of the \r\nperiod specified in sub-section (2).] \r\n(2) The economic policy statements specified on sub -section (1) shall cause to be laid before \r\nthe National Assembly by the end of the period specified in sections 5, 6 and 7. \r\n(3) The economic policy statements shall be in such form as may be prescribed from time to \r\ntime by the Federal Government. \r\n5. The medium term budgetary statement.—(1) The Federal Government shall inclu de a \r\nmedium term budgetary statement, consistent with the principles of sound fiscal and debt \r\nmanagement, in the annual budget statement to be laid before the National Assembly each year not \r\nlater than the thirtieth day of June of each financial year. \r\n(2) The medium term budgetary statement shall set forth a three year rolling target for \r\neconomic indicators. \r\n(3) In particular and without prejudice to the provisions contained in sub -section (2), the \r\nmedium term budgetary statement shall, for the financial ye ar commencing on the first day of July \r\nand the two financial years following that financial year,__ \r\n(a) indicate explicitly, by the use of ratios or other means the Federal Government ’s \r\nintentions regarding economic indicators including those specified in sub-section (2) \r\nof section 6; and \r\n \r\n1Subs. by Finance Act, 2016 (XXIX OF 2016), s.6. \r\n \r\nPage 7 of 14 \r\n \r\n(b) specify clearly key fiscal measures and risks that the Federal Government considers \r\nimportant and against which fiscal policy will be set and assessed. \r\n6. The fiscal policy statement.—(1) The Federal Government shall cause to be laid before \r\nthe National Assembly the fiscal policy statement by the end of January each year. \r\n(2) The fiscal policy statement shall, inter alia, analyze the following key macroeconomic \r\nindicators, namely:— \r\n(a) total expenditures; \r\n1[(b) total net revenue receipts;] \r\n(c) total fiscal deficit; \r\n1[(d) total Federal fiscal deficit excluding foreign grants; and] \r\n(e) total public debt. \r\n1[(f) debt per capita.] \r\n \r\n \r\n(3) The Federal Government shall exp lain how fiscal indicators accord with the principles of \r\nsound fiscal and debt management. \r\n(4) The fiscal policy statement shall also contain— \r\n(a) the key fiscal measures and rationale for any major deviation in fiscal \r\nmeasures pertaining to taxation, sub sidy, expenditure, administered pricing \r\nand borrowing; \r\n(b) an update on key information regarding macroeconomic indicators; \r\n(c) the strategic priorities of the Federal Government for the financial year in the \r\nfiscal area; \r\n(d) the analysis to the fullest extent possible of all policy decisions made by the \r\nFederal Government and all other circumstances that may have a material \r\neffect on meeting the targets for economic indicators for that fiscal year as \r\nspecified in the medium term budgetary statement; and \r\n(e) an evaluation as to how the current policies of the Federal Government are in \r\nconformity with the principles of sound fiscal and debt management and the \r\ntargets set forth in the medium term budgetary statement in section 5. \r\n \r\n1Subs. and added by Finance Act, 2016 (XXIX OF 2016), s.6. \r\n \r\n \r\nPage 8 of 14 \r\n \r\n7. The debt policy statement.—(1) The Federal Government shall cause to be laid before the \r\nNational Assembly, the debt policy statement by the end of January each year. \r\n(2) The purpose of the debt policy statement is to a llow the assessment of the Federal \r\nGovernment’s debt policies against the principles, of sound fiscal and debt management and the debt \r\nreduction path. \r\n(3) In particular and without prejudice to the provisions of sub -section (2) the debt policy \r\nstatement shall, inter alia, contain__ \r\n(a) assessment of the Federal Government ’s success or failure in meeting the \r\ntargets of total public debt to estimated gross domestic product for any given \r\nyear as specified in the debt reduction path; \r\n(b) evaluations of external and domestic borrowing strategies and provide policy \r\nadvice on these strategies; \r\n(c) 1[* * * * * * *] \r\n(d) analysis of the foreign currency exposure of Pakistan’s external debt; \r\n1[(e) consistent and authenticated information on public and external deb t and \r\nguarantees issued by the Federal Government;] \r\n (f) information of all loan agreements contracted, disbursements made thereof \r\nand repayments made thereon, if any, by the Government during the fiscal \r\nyear; and \r\n(g) analysis of trends in public debt an d external debt and steps taken to conform \r\nto the debt reduction path as well as suggestions for adjustments, if any, in the \r\nFederal Government’s overall debt strategy. \r\n2[7A. Medium -term national macro fiscal framework .__ (l) The Finance Division shall \r\nprepare medium -term national macro fiscal framework , covering aggregate fiscal projections \r\nspecially revenues, expenditures and primary balances of the upcoming fiscal year and the two outer \r\nyears in respect of Federal Government, Provincial Governments and o ther areas of Pakistan; which \r\nshall be presented not later than the l5th day of March of the ongoing fiscal year to the National \r\nFinance Commission (NFC) Monitoring Committee. \r\n(2) The approved medium term national macro fiscal framework shall be published in the \r\nbudget strategy papers and annual budget statements of the Federal, Provincial and other \r\ngovernments as part of their budget documents.] \r\n \r\n \r\n1Omitted and subs. by Finance Act, 2016 (XXIX OF 2016), s.6. \r\n2Added by Act No. XII of 2022, s.4. \r\n \r\nPage 9 of 14 \r\n \r\n8. Disclosure of policy decisions and other matters.—(1) Subject to sub -section (3), every \r\neconomic policy statement prepared under this Act shall incorporate to the fullest extent possible all \r\nFederal Government decisions and all other circumstances that may have a m aterial effect on the \r\nfiscal and economic situation of the country. \r\n(2) Where the fiscal implications of Federal Government decisions and other circumstances \r\nreferred to in sub -section (1) can be quantified for particular years with reasonable certainty by the \r\nday on which the statements are finalized, the quantified fiscal implications of those Government \r\ndecisions and other circumstances shall be incorporated in the statements. \r\n(3) Nothing in sub -sections (1) and (2) shall apply to a decision or circumsta nce where the \r\nMinister determines that to incorporate that decision or circumstance in an economic policy \r\nstatement is likely to— \r\n(a) prejudice the substantial economic interests of Pakistan; \r\n(b) prejudice the security or defence of Pakistan or its international relations; \r\n(c) compromise the Federal Government in a material way in negotiation, \r\nlitigation or commercial activity; or \r\n(d) result in material loss of value to the Federal Government, \r\nand there is no reasonable or prudent way the Federal Govern ment can avoid this prejudice, \r\ncompromise or material loss. \r\n9. Measures to enforce compliance.—Notwithstanding anything in sub -section (4) of \r\nsection 3, if the Federal Government continuously fails to meet the target of debt to gross domestic \r\nproduct ratio specified in the debt reduction path for any given year over the period of two financial \r\nyears starting from the first statement which indicates the failure of the Federal Government in \r\nmeeting the prescribed target, the Federal Government shall take all necessary measures including \r\nthe curtailment of the sums authoris ed to be paid and applied from, and out of , the Federal \r\nConsolidated Fund to return to the debt reduction path latest by the end of the next two financial \r\nyears: \r\n1[Provided that nothing in this section shall apply to the expenditure charged upon the Federal \r\nConsolidated Fund.] \r\n10. Statement of responsibility .—(1) 1[Every statement prepared under sections 5, 6 and 7 \r\nshall include—] \r\n(a) a statement by the Minister that all policy decisions with material economic or \r\nfiscal implications that the Federal Government has made before the day on \r\nwhich the contents of the economic policy statements were finalized and all \r\nother circumstances with material economic or fiscal implications of which the \r\nMinister was aware before that day have been communicated to the Secretary \r\nof Finance; and \r\n1Subs. by Finance Amendment Act, 2016 (XXIX OF 2016), s.6. \r\n \r\nPage 10 of 14 \r\n \r\n (b) a statement by the Secretary of Finance that the Ministry has supplied to the \r\nMinister, using its best professional judgment on the basis of economic and \r\nfiscal information available to it before the day on which the contents of the \r\neconomic policy statements were finalized, an economic and fiscal statement \r\nincorporating the fiscal and economic implications of those decisions and \r\ncircumstances, but any decisions or circumstances that the Minister has \r\ndetermined under sub-section (3) of section 8 shall not be incorporated in that \r\neconomic policy statement. \r\n(2) 1[The statement under clause (a) of sub-section (1) shall additionally provide for–] \r\n(a) the integrity of the disclosures contained in the economic policy statements; \r\n(b) the consistency with the requirements of this Act of the information contained \r\nin the economic policy statements; and \r\n(c) the omission from the economic policy statement of any decision or \r\ncircumstance specified in subsection (3) of section 8. \r\n11. Measures for fiscal transparency .—(1) The Federal Government shall take appropriate \r\nmeasures to ensure greater transparency in its fiscal operations in public interest and minimize, as far \r\nas practicable, secrecy in the preparation of the annual budget. \r\n(2) In particular and without prejudice to the generality of the provisions of sub -section (1), \r\nthe Federal Government shall, at the time of presentation of annual budget, disclose in a statement as \r\nmay be prescribed,— \r\n(a) the significant changes in the accounting standards, definitions, policies and \r\npractices affecting , or likely to affect, the computation of prescribed fiscal \r\nindicators; and \r\n(b) as far as practicable and consistent with protection of public interest, all \r\nguarantees including those for rupee lending, bonds, rates of return, output \r\npurchase agreement, exchange risk, claims, and commitments made by the \r\nFederal Government havi ng potential budgetary implications, including \r\nrevenue demands raised but not realized and liability in respect of major works \r\nand contracts. \r\n2[CHAPTER – IV \r\n \r\nDEBT MANAGEMENT OFFICE] \r\n \r\n2[12. Establishment of the Debt management office.__ (l) Within sixty days of the \r\ncommencement of the Fiscal Responsibility and Debt Limitation (Amendment) Act, 2022, the \r\nFederal Government shall, by notification in the official Gazette, establish an office to be known as \r\ndebt management off ice, consisting of 3[executives including a director general and as many \r\ndirectors as may be determined by the committee ref erred to in sub -section (5) ]. Directors shall \r\nreport to the director general and the director general shall report to the Secretary, Finance Division. \r\n \r\n \r\n1Subs. by Finance Amendment Act, 2016 (XXIX OF 2016), s.6. \r\n2 Subs. by Act No. XII of 2022, ss. 5 and 6. \r\n3Subs. by Act No. XLI of 2026, s. 2. \r\n \r\nPage 11 of 14 \r\n \r\n \r\n 1[(2) The director general and the directors shall be appointed on contract basis for a term of \r\nthree years on the basis of el igibly criteria including academic, professional qualifications and \r\nexperience as may be prescribed. The contract may be extended subject to performance evaluation:] \r\nProvided that an individual shall not hold off ice of director general or director for \r\nmore than three consecutive terms. \r\n(3) The director general or a director may be removed from office by the Federal \r\nGovernment, if – \r\n (a) on an inquiry, made in the prescribed manner, he is found incapable of \r\nperforming the functions of his office by reason o f mental or physical \r\nincapacity or has been found guilty of misconduct; or \r\n(b) on the basis of performance evaluation carried out by a committee consisting \r\nof Finance Minister and Finance Secretary, it is concluded that his services are \r\nno longer required and his contract needs to be terminated. \r\n(4) The terms and conditions of service of the director general and directors of the Office \r\nshall be such as may be prescribed. \r\n(5) The size, organizational a nd governance structure, terms and conditions of servi ce of the \r\nstaff including senior managem ent, performance evaluation, fra mework budget and all other matters \r\nincidental to the functioning of the office shall be as may be prescribed. The committee consisting of \r\nthe Finance Minister and the Finance Secretar y shall have the powers to make policies for effective \r\nfunctioning of the office.] \r\n13. Functions of the Office.—(1) The Office shall perform such functions as are specified in \r\nsub-section (2) or as may be prescribed from time to time. \r\n(2) Without prejudice to the generality of the foregoing provision, the Office shall— \r\n2[(a) prepare medium -term debt management strategy, in consultation with the \r\nrelevant stakeholders and finalize with prior approval of Minister of Finance, \r\nin-line with the medium term budgetary framework;] \r\n(b) monitor and evaluate external and domestic borrowing strategies and provide \r\npolicy advice on an appropriate mix of external borrowing from all sources; \r\n(c) monitor the nominal and real costs of external and domestic borrowing and \r\nsuggest ways to contain these costs; \r\n(d) analyze the foreign currency exposure of Pakistan ’s external debt, including \r\nforeign exchange obligations to residents and providing a framework for \r\nforeign exchange risk management; \r\n1Subs. by Act No. XLI of 2026, s. 2. \r\n2 Subs. by Act No. XII of 2022, s. 7. \r\n \r\n \r\nPage 12 of 14 \r\n \r\n(e) provide consistent and authenticated information on public and external debt \r\nand Government guarantees including total guarantees outstanding; \r\n(f) prepare a debt policy statement on an annual basis on trends in public and \r\nexternal debt and implementing adopted debt reduction goals as well as \r\nsuggesting adjustments in the Federal Government’s overall debt strategy; \r\n (g) provide leadership on debt data questions and ensure compliance with agreed \r\nreporting requirements; 1[*] \r\n1[(h) maintain consistent and authenticated record of public debt and Government \r\nguarantees office may, outsource the record keeping function of any segment \r\nof public debt to other Government agencies such as State Bank of Pakistan, \r\nCentral Directorate of National Savings, Economic Affairs Division etc. for \r\nreasons of efficiency and practicality. Such outsourcing arrangements, if any, \r\nshall be made through service level agreements between the office and the \r\ncorresponding agency clearly identi fying the roles and responsibilities of the \r\npanties;] \r\n1[(i) prepare animal debt review containing analysis of the debt management \r\noperations during the last completed financial year and assessment of the \r\nprogress against the medium -term debt management st rategy in-line with the \r\nlong-term priorities of the Federal Government. The review shall be prepared \r\nin consultation with the relevant stakeholders and finalized with prior approval \r\nof Finance Secretary and published within three mont hs of the close office \r\nfinancial year; \r\n(j) prepare annual borrowing plan , in consultation with the relevant stakeholders \r\nand finalize with prior approval of the Federal Government , in line with the \r\nmedium-term debt strategy. The plan shall be published along with the budget \r\ndocuments; \r\n(k) raise domestic debt through domestic government securities, bank loans or any \r\nother domestic borrowing instruments oth er than those issued by the Cen tral \r\nDirectorate of National Savings (CDNS); \r\n(l) formulate and implement a process for raisi ng domestic debt throu gh public \r\nauctions of domestic g overnment securities. The process shall include the \r\nsetting of auction targets, conducting the auctions and ma king and executing \r\nthe borro wing d ecisions such as the borrowing rates, amount of borr owing \r\nthrough various instruments and other incidental matters. T he process shall be \r\nfinalized and modified from time to time, if necessary, with prior approval of \r\nFinance Secretary; \r\n \r\n1 Omitted, subs. and added by Act No. XII of 2022, s. 7. \r\n \r\nPage 13 of 14 \r\n \r\n(m) formulate guidelines, in consult ation with the relevant stakeholders and issue \r\nwith the pr ior approval of Finance Secretary, for CDNS or any other \r\ngovernment agency engaged in domestic borrowings; \r\n(n) raise external debt through commercial sources including debt securiti es such \r\nas bonds, sukuks, bank loans or any other commercial borrowing instruments; \r\n(o) coordinate with the external finance wing of the Finance Division to record \r\nand analyze any debt raised for balance of payments; \r\n(p) coordinate with Economic Affairs Division in raising ex ternal deb t through \r\nmultilateral and bilat eral sources and p rovide advice to Economic Affair \r\nDivision on financial terms and conditions, debt recording or any other matter \r\npertaining to external debt; \r\n(q) propose policy guidelines to Finance Division and Economic Affairs Division \r\nregarding raising of external debt through multilateral and bilateral sources; \r\n(r) prepare a comprehensive debt bulletin containing information regarding debt \r\nstock, debt operations during the period under c onsideration the sources of \r\nchange in debt stock on semi -annual basis, The debt bulletin shall be finalized \r\nwith prior approval of Finance Secretary and published within three months of \r\nthe close or each quarter; \r\n(s) preparation and i mplementation of proc ess, prepar ed in consultation with \r\nrelevant stakeholders and finalized with prior approval of th e Federal \r\nGovernment, fo r issuance, management , valuation, budgeting, finding, \r\nallocation, monitoring of government g uarantees including the guarantees \r\nrelating to public private partnerships; \r\n(t) advise the Finance Division in evaluation of requests for government \r\nguarantees made by state owned entities; \r\n(u) act as custodian of all guarantee s issued by the Federal Government in terms \r\nof recording and analysis; and \r\n(v) act as the investor relations office of Finance Division in matters pertaining to \r\npublic debt including communication of debt management strategy to financial \r\nmarket participants; obtaining the feedback of the participants re garding the \r\ndebt mana gement strategy, modification of existing debt instruments, \r\nintroduction of new debt instruments etc.; and responding to queries of the \r\nparticipants without disclosing confidential information.] \r\n(3) 1[* * * * * * *] \r\n \r\n \r\n1Omitted by Finance Act, 2016 (XXIX OF 2016), s.6. \r\n \r\nPage 14 of 14 \r\n \r\nCHAPTER V \r\n \r\nMISCELLANEOUS PROVISIONS \r\n14. Publication and access of statements .—(1) The 1[Federal Government] shall, in respect \r\nof every economic policy statement referred to in section 4, arrange for publication in the official \r\nGazette a notice- \r\n(a) indicating, where the statement is published in advance of being laid before \r\nthe National Assembly, that the statement has been published; and \r\n (b) specifying a place at which copies of the statement are available for public \r\n free of charge. \r\n1[(2) The statement published under sub -section (1) shall, within fifteen days of the \r\npublication, be posted on website of the Federal Government.] \r\n15. Indemnity.—No suit, prosecution or other legal proceedings shall lie against the Federal \r\nGovernment or any office of the Government for anything which is in good faith done or intended to \r\nbe done under this Act or the Rules made thereunder. \r\n16. Application of other laws not barred.—The provisions of this Act shall be in addition , \r\nto and not in derogation of, any other law for the time being in force. \r\n17. Power to make rules.— (1) The Federal Government may, by notification in the Official \r\nGazette, make rules for carrying out the purposes of this Act. \r\n(2) In particular and without prejudice to the generality of the foregoing power, such rules \r\nmay provide for all, or any of, the following matters, namely:— \r\n(a) the forms of all the economic policy statements specified in section 4; \r\n(b) the smooth functioning of the Office; and \r\n(c) any other matter which is required to be, or may be, prescribed. \r\n18. Removal of difficulties.—If any difficulty arises in giving effect to the provisiortis of the \r\nAct, the Federal Government may , by an Order published in the O fficial Gazette, make such \r\nprovisions not inconsistent with t he provisions of the Act, as may appear to be necessary for \r\nremoving the difficulty: \r\nProvided that no Order shall be made under this section after the expiry of two years from the \r\ncommencement of this Act. \r\n(2) Every Order made under subsection (1) shall, a s soon as may be, cause to be laid before \r\nthe National Assembly. \r\n \r\n1Subs. by Finance Act, 2016 (XXIX OF 2016), s.6.123445 D \r\n RGN Dated 03-07-2026", "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive", "passages": [ { "passage_id": "law:pk-code-ce62c30da9a53afa:sha256:a25de623d05ccef9a22ee349995d42a20703e70c9c2da117de01d32230e002fa:chars-0-1743:ca4e1f38dfa37ba79145d0b42426f0642d36c8e821be8b9f6b5ccc5044cd991a", "character_start": 0, 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