The Finance Ministry in Islamabad has outlined a plan to release funds for both development and ongoing expenses in the current fiscal year. Here’s a simplified breakdown:
Development Budget:
- Funds for the Development Budget for the year 2024-25 will be released gradually throughout the year:
- 15% in the first quarter,
- 20% in the second quarter,
- 25% in the third quarter,
- 40% in the fourth quarter.
- The Planning, Development, and Special Initiatives (PD&SI) Division will oversee these funds and ensure they are used according to the Public Finance Management Act, 2019.
- They will create plans for how funds are released for various sectors and projects.
- Payments will go through a pre-audit system or specific accounts set up for each project.
- Foreign currency payments need approval from the Finance Division’s External Finance Wing.
Recurrent Budget:
- Funds for ongoing expenses like salaries and operational costs will be released as follows:
- 20% in the first quarter,
- 25% each in the second and third quarters,
- 30% in the fourth quarter.
- Additional funds have been allocated for the Adhoc Relief Allowance 2024, released fully in the third quarter.
- Departments must manage these funds carefully, with approval needed for any changes or deviations from the budget plan.
General Guidelines:
- Departments must manage their budgets responsibly and follow strict rules for spending and reallocating funds.
- The Finance Division oversees all financial matters, ensuring funds are used correctly and transparently.
These measures aim to ensure effective financial management and accountability throughout the fiscal year.
