1A first round of macroeconomic forecasts is conducted by the Ministry of Finance at the beginning of spring season to forecast next year’s revenues based on economic growth expectations and other macro indicators
2A second round of macroeconomic forecasts is done by the Ministry of Finance at the beginning of summer to review the first (preliminary) revenue forecasts for the next year.
3At the beginning of autumn season, responsibility centers submit documents to prepare the final budget for the coming year. This includes the goals, objectives, and outputs whose costs are calculated within the budget ceilings of each responsibility center.
4A third round of macroeconomic forecasts is conducted by the Ministry of Finance at the end of autumn season to review the second revenue forecasts for the coming year
5At the end of the year, the Council of Ministers reviews and approves the Annual Budget Law and sends it to the President’s Bureau
6The Ministry of Finance issues the first part of the budget communiqué at the beginning of spring season. This communiqué instructs responsibility centers to start planning for next year’s budget in terms of goals, objectives, and outputs.
7At the end of spring season, responsibility centers submit their preliminary budget plans for the coming year.
8In the beginning of the summer, the Ministry of Finance issues the second part of the budget communiqué. This communiqué instructs responsibility centers to review their plans for the coming year based on the Ministry’s budget ceilings set forth for each responsibility center.
9At the beginning of winter season, the Ministry of Finance analyzes all budget-related documents and holds hearing sessions with the responsibility centers that have that have the highest expenditures. Afterwards, the annual Budget Draft Law is presented to the Council of Ministers.
10The President’s Bureau issues the annual Budget Law at the end of the year.