ISLAMABAD: The Finance Division has proposed an allocation of Rs 2958.482 million under the public sector development programme (PSDP) for the ongoing and a new project during the next fiscal year (2023-24).

Sources said that allocation of funds has been proposed for the ongoing as well as a new project. The Finance Division has asked for allocation of Rs194.679 million for construction of federal audit complex in Islamabad, which is an ongoing project and so far, Rs147 million have been utilised. The total cost of the project is Rs505 million.

The Finance Ministry also proposed allocation of Rs478.64 million under the PSDP for the project of implementation and mainstreaming of audit management information system to improve public finance management through digitisation of all audit processes and ensuring their sustainability through replication of audit management information system.

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The project also aims at improving quality at each step of audit process through adoption of audit quality management framework and capacity development of auditors in new and emerging areas of audit.

The ministry has also proposed allocation of Rs100 million in the next fiscal year PSDP for capacity building of the Finance Division for the implementation of public finance management (PFM) policy framework project in federal government.

An allocation of Rs908 million has been proposed for modernisation and up-gradation Pakistan Mint Phase-II Lahore and Rs925 million for the construction of Pakistan Audit and Accounts Academy in the federal capital.

Allocation of Rs 350 million has been proposed for a new project construction of office building of Competition Commission of Pakistan (CCP), Islamabad.

The Finance Division has also proposed allocation of FEC Rs 4,929 million in PSDP for financial inclusion and infrastructure project aimed to support the State Bank of Pakistan to further strengthen its payment systems infrastructure through launch of a national payment gateway and to disburse loans to unique borrowers, micro-enterprises and small and medium enterprises.

Copyright Business Recorder, 2023

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