Islamabad: Government officials on Tuesday said Rs120b will be allocated under the auspices of Public Sector Development Programme (PSDP) in the first three months of this financial year 2017-18.
For federal segment, PSDP allocation was forecast to be at Rs1,001b from which Rs377.9b had been allotted for federal divisions and ministries.
According to officials, the total disbursements till 16th August made by Planning Commission (PC) were recorded at Rs60b. They added that the finance ministry’s role has been curbed in respect to releases of development funding.
The total size of PSDP for FY 2017-18 is forecast to be at Rs2,133b. In a letter sent by PC to relevant departments, has permitted development funds of 20pc for the 1st and 2nd quarter, followed by 30pc for the 3rd and 4th quarter.
The disbursement of funds is allowed only for approved projects, the letter read. The letter further stated, “Copies of authorised, administrative approval and valid implementation period of the projects may be furnished with first quarter release request.”
A meeting was also called from August 21st to 30th by the Planning Ministry to review last year’s financial spending and formulate a plan for the current years FY budget.
Sanction letters published by the ministries/division/executing agencies will continue to be approved by the financial advisors.
To ensure disbursements, project-wise information updates will have to be provided for in the project monitoring and evaluation system (PME). Funds will only be released if the projects approved have updated their progress in the PME database.
PC further added that incomplete information not endorsed by Principal Accounting Officer (PAO) will be rejected and no further action on it will be taken.