Top Story June 5, 2021
ISLAMABAD: The utilization of development funds at provincial levels remained dismally poor and the provinces have been left with no other option but to slash down development outlays from Rs950 billion to Rs867 billion for the outgoing fiscal year 2020-21.
Official documents showed that so far, the utilization of funds under the Public Sector Development Program (PSDP) at federal level also remained pathetic as it stood at just Rs421 billion as of June 1, 2021 against the total allocation of Rs650 billion for the outgoing fiscal year ending on June 30, 2021.
The Ministry of Planning has so far released funds to the tune of Rs563 billion out of the total allocated amount of Rs650 billion but pace of utilization failed to pick up owing to a variety of reasons.
Centre, provinces failed to utilise allotted funds
Top Story
June 5, 2021
ISLAMABAD: The utilization of development funds at provincial levels remained dismally poor and the provinces have been left with no other option but to slash down development outlays from Rs950 billion to Rs867 billion for the outgoing fiscal year 2020-21.
Official documents showed that so far, the utilization of funds under the Public Sector Development Program (PSDP) at federal level also remained pathetic as it stood at just Rs421 billion as of June 1, 2021 against the total allocation of Rs650 billion for the outgoing fiscal year ending on June 30, 2021.
The Ministry of Planning has so far released funds to the tune of Rs563 billion out of the total allocated amount of Rs650 billion but pace of utilization failed to pick up owing to a variety of reasons.
ISLAMABAD: The utilization of development funds at provincial levels remained dismally poor and the provinces have been left with no other option but to slash down development outlays from Rs950.
Principal Accounting Officers Ordered to Strictly Follow the Public Finance Management Act
The Finance Division has warned Principal Accounting Officers to ensure that no expenditure (employees related or others) is incurred without the available budget and conduct business in accordance with provisions of the Public Finance Management Act, 2019 and General Financial Rules in true spirit.
Finance Division (Budget Wing) has issued an office memorandum to all finance secretaries, additional finance secretaries and PAOs of Ministries/Divisions.
According to the Finance Division, refer to the Public Finance Management Act, 2019, it is to state that PFM Act has been enacted to strengthen the management of public finances in the Federal Government. It clarifies institutional responsibilities related to financial management and strengthen budgetary management. Section 10 relates to changes in the schedule of authorized expenditure while Sections 23 and 25 of the Act also elaborate expend