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ISLAMABAD: The Finance Ministry has released the strategy for development funds with 20 percent releases for the first quarter and 30 percent each for 2nd and3rd Quarter, and 20 percent for 4th Quarter.

An office memorandum of the Finance Division stated that keeping in view the Public Finance Management Act (PFM) Act, 2019, the strategy for release of funds relating to Development Budget for Financial Year 2020-2021 would be implemented with immediate effect.

The funds for development budget would be released by the Finance Division at the level of 20 percent for the Ist Quarter, 30 percent each for 2nd and 3rd Quarter, and 20 percent for 4th Quarter.

The Ministry of Planning, Development and Special Initiatives shall devise project-wise/division-wise strategy for release of funds for Public Sector Development Program (PSDP) within the appropriations approved by the National Assembly, and inherited in the Schedule of Authorized Expenditure in terms of Article 83 of the Constitution.

All payments shall be made through the pre-audit system of the Accountant General Pakistan Revenues (AGPR)/Military Accountant General (MAG)/Accounting Offices/Sub-Offices, or through Assignment Account procedure issued by the Finance Division that no direct payment through the State Bank of Pakistan would be made, except with the prior approval of the Finance Secretary; (ii) no authority would incur or commit any expenditure from the "Federal Consolidated Fund" until the same has been sanctioned by the National Assembly and the expenditure has been provided for the financial year through (a) schedule of authorized of expenditure in terms of Article 83 of the Constitution, or (b) supplementary grant or technical supplementary grant as per Article 84 of the Constitution has been approved by the Federal Government, or (c) re-appropriation as per Sections 2(u) and 11 of the Public Finance Management Act, 2019. e) There shall be no requirement of ways and means clearance from Budget Wing and endorsement of sanction letters by Expenditure Wing, Finance Division for the fund releases for PSDP approved projects. (f) All the sanctions for expenditure (in all forms) shall be issued and entered into SAP system by the Principal Accounting Officers (PAOs) before making payment by the Accounting Offices.

The AGPR and other Accounting Offices shall not enter the sanction letters issued by the PAO into the SAP system, and shall process the payments on verification of budget, fund release and sanction letter, (g) the provisions of Public Finance Management Act, 2019 shall be strictly adhered to by all the PAOs and the Accounting Offices, and the instruction with regard to supplementary grants would be issued by the budget wing of the Finance Division.