ISLAMABAD: Finance Ministry has conveyed approval of federal government for revision of Public Sector Development Program (PSDP) 2021-22 from Rs 800 billion to Rs 600 billion sans foreign aid of Rs 100 billion on 13 April 2022, well informed sources in Planning Commission told Business Recorder.
Ministry of Planning, Development and Special Initiatives, has asked all the Ministries/ Divisions to furnish project-wise revised Rupee allocation while remaining within the respective Rupee allocation on the related proforma latest by April 20, 2021, positively as conveyed to them.
All the Ministries/ Divisions have been requested that while working out project-wise revised allocations, following guidelines may be adhered to: (i) ensure completion of maximum projects as targeted by June 2022;(ii) allocations of high impact/ national priority projects may be protected and utilized to achieve physical targets as planned; and (iii) appropriations of funds may be made as per guidelines issued by Ministry if MoPD&SI on February 28, 2022.
The guidelines were as follows: (i) PSDP funds could be re-appropriated for budgeted ongoing projects which are at an advanced stage of implementation and/ or likely to be completed during CFY; (ii) budgeted projects (excluding projects with short gestation period) having less than 10 percent expenditure be reviewed and funds may be transferred to fast-moving projects to minimize throw-forward;(iii) however, cases of unbudgeted projects for inclusion in current PSDP, under un-avoidable circumstances, having security consideration, urgent needs, national importance and clearing verified liabilities, may be forwarded to this Ministry with detailed justification of urgency for consideration; and (iv) the proposals for additional demands/ re-appropriation of funds should be accompanied by a certificate, duly verified by the Principal Accounting Office (concerned) that demanded additional funds will be fully utilized during CFY and completion of timelines or other projects will not suffer.
Copyright Business Recorder, 2022