VERY few people realise that the budget for the next financial year (2020-21) will, for the first time since the adoption of the 1973 Constitution, be presented under a new law called the Public Finance Management Act (PFMA), 2019, instead of the stopgap arrangement of following the rules made by the president of Pakistan. Article 79 of the Constitution required parliament to frame a law to regulate the public accounts of the federation. But 47 years went by without parliament framing such a law, and the presidential rules, by default, filled the vacuum as provided for in the Constitution.
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