Islamabad: The Finance Ministry has issued guidelines to the Planning Commission to release 20% of funds for the development projects approved for the first quarter (July-Sept) of the financial year 2022-23 (FY-23), news sources reported on July 14. The ministry has issued guidelines for releasing funds under the Public Sector Development Programme (PSDP).
According to reports, the planning commission would release 20% of the total PKR 800 billion allocated for the year for the first quarter of FY23, or around PKR 160 billion, in accordance with ministry norms. The funds will be put to use from July through September. The commission will similarly disburse 25% in the second quarter (October to December), 30% in the third quarter (January to March), and 25% in the final quarter (April-June). The ministry released regulations in accordance with Chapter III of the Public Finance Management Act, 2019, to disburse funds.
Moreover, the ministry advised the Planning Commission on handling finances to ensure project implementation and transparency. This includes advice on pre-auditing finances and businesses, arranging separate arrangements for each project’s disbursement, and setting up unique accounts with the National Bank. It is necessary to note that the federal government has proposed a federal budget for the fiscal year 2022–2023 (FY23) of USD 45 billion, with a PSDP amount of PKR 800 billion for roads and other infrastructure projects.
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