Islamabad- President Asif Ali Zardari exercising his the powers entrusted to him by the Constitution has summoned separate budget sessions of the Senate and the National Assembly for Wednesday (today) wherein the PML-N-led federal government will present its first annual budget for the fiscal 2013-2014.

According to an official handout issued by the Presidency, President Zardari has summoned the budget session of National Assembly on Wednesday (June 12) at 4:30pm in the Parliament House. Similarly, the Senate session has been summoned to meet on Wednesday at 6:00pm in the Parliament House.

Finance Minister Ishaq Dar will present the fiscal budget for 2013-2014 before the National Assembly and will deliver his budget speech. However, this time budget speech could be heard peacefully as the major opposition party in the National Assembly, PPP, looked in no mood to launch any protest during the budget speech. In the last budget speech delivered by then Finance Minister of PPP-led federal government Dr Abdul hafiz Sheikh, the then opposition party PML-N had staged a protest demonstration in front of the Speaker’s dais and the house had witnessed uproar at that time.

Soon after the presentation of the budget in the National Assembly, Finance Minister will lay the copy of the budget before the Upper House of the Parliament. After this, he will lay the motion before the house asking it to give its recommendations on the annual budget to the Lower House of the Parliament within the stipulated time period of 14 days as mentioned in the Constitution.

Before the 18th Amendment, the Senate had no role in the passage of the money bill (budget) under the Constitution. Now, the Upper House of the Parliament has to give its recommendations to the Lower House on any money bill after the passage of 18th Amendment. However, there is no binding on the National Assembly to incorporate those recommendations in the money bill, given by the Senate, while passing it.