ISLAMABAD: The Finance Division revised the strategy for releasing funds for the development budget for the current fiscal year 2021-2022 with the release of 50% of funds for quarters 1 and 2, and 50% for quarters 3 and 4.
Previously, the strategy was to release 20% of development funds in the first quarter, followed by 30% each in the second and third quarters, and 20% in the fourth quarter.
An office memorandum issued by the budget wing of the Finance Division, while referencing the MO as of July 5, 2021, indicated that the strategies for releasing funds for the development budget / sector development program public (PDSP) for the current fiscal year (2021-2022) has been revised.
Funds for the PSDP would be released by the Ministry of Planning, Development and Special Initiatives for projects up to 50 percent for quarters 1 and 2, and 50 percent for quarters 3 and 4.
The Finance Division further stated that the budget of Rs 46 billion allocated to the Sustainable Development Goals (SDGs) can be used at any time.
On July 5, 2021, the Finance Division issued an office memorandum regarding the strategy for releasing funds for the development budget year 2021-2022 and stated that under the provisions of the 2019 law on the management of public finances, rule 3 (9) of the Rules for the management of the treasury and the single account of the Treasury, 2020, and of the Regulation on financial management and the powers of the principal accountants, 2021, the budget release strategy for the budget of development for the 2021-22 fiscal year would be followed with immediate effect and until further notice.
He further stated that funds for the development budget will be released by the Ministry of Planning, Development and Special Initiatives for projects to the tune of 20 percent for the first quarter, followed by 30 percent each for projects. second and third quarters, and 20 percent for the fourth quarter.
Copyright Business Recorder, 2021