Finance Department Approves Release of Development Funds for Q1 2023

The Ministry of Finance has issued guidelines to the Planning Commission to release 20% of funds for development projects approved in the first quarter (July-September) of fiscal year 2022-23 (FY-23). He reported on July 14, news sources said. The department has issued guidelines for the release of funds under the Public Sector Development Program (PSDP).

According to the report, the Planning Commission will release 20% of the total PKR 800 billion allocated annually in the first quarter of 2023, or about 160 billion PKR, according to the ministry’s standards. Funds are used from July to September. Fees are also paid at 25% in the second quarter (October to December), 30% in the third quarter (January to March) and 25% in the final quarter (April to June). The Ministry has issued regulations on disbursement of funds under Chapter III of the Financial Management Law 2019.

In addition, the ministry advised the planning commission on the implementation of the project and its financial handling to ensure transparency. This includes advising on pre-financing and company checks, arranging individual agreements on payment for each project, and setting up personal accounts with national banks. The federal government has proposed a federal budget of US$45 billion for fiscal year 2022-2023 (FY23), with roads and other infrastructure projects allocating a PSDP of PKR 800 billion. should be noted.

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