MoF revises strategy to release funds for development budget

Payments above set limits for grants cannot be made without Finance Division’s written approval

ISLAMABAD: The Ministry of Finance on Tuesday amended the strategy for releasing funds for the current fiscal year’s (FY23) development budget which deals with public sector development. 

According to an office memorandum issued by the ministry in this regard, the fund release strategy will be applied on each demand for a grant and appropriation of the budget, included in the schedule of authorized expenditure for FY23. It shall not be applicable on individual projects, cost centers or detailed object heads in a demand for grant and appropriation. 

Funds for each demand of a grant and appropriations shall be released and uploaded on the AGPR’s server by the Ministry of Planning, Development and Special Initiatives at the maximum level of 10% for the first quarter of the fiscal year, 20% for second quarter, 30% for third quarter and 40% for fourth quarter of the approved budget. 

The release of funds for each approved project shall be through principal accounting officers (PAO) in each quarter within the above stated limits whereas the officer concerned with a project is also responsible for ensuring the availability of sufficient funds for employee related expenses incurred in each project. 

The quarter wise budget allocation and releases will also be uploaded on the MoF’s website by the Finance Division. No payment shall be made above the limits by any accounting organisation unless they have been given a written approval by the Finance Division.

Earlier on July 7, the Ministry of Finance had directed the Planning Commission to release grants and appropriations at the maximum level of 20% for Q1FY23, 25% for Q2FY23, 30% for Q3FY23, and 25% for Q4FY23 of the approved budget. 

 

 

- Advertisement -

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

NA committee over GMO oilseed import ends in war of words

ISLAMABAD: In a conflict that is increasingly becoming ugly, after the minister of food security exchanged harsh words with oilseed importers in a session...