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Print Print 2024-02-22

Foreign-funded projects: EAD seeks budget/revised estimates

  • Economic Affairs Division holds meeting to review hydropower and transmission line projects which are reportedly facing rupee cover issues
Published February 22, 2024

ISLAMABAD: As the federal government has started preparations of the budget 2024-25, Economic Affairs Division (EAD), which mainly facilities foreign funding for development/ non-development projects, has asked federal, provincial governments and federal autonomous bodies to furnish consolidated statements of revised estimates for fiscal year 2023-24 and budget estimates for FY 2024-25, well informed sources told Business Recorder.

Recently EAD held an inter-ministerial meeting to review foreign funded projects as key projects, hydropower and transmission line projects, are reportedly facing rupee cover issues due to less allocation in the Public Sector Development Project (PSDP) 2023-24.

EAD, in a letter to all concerned 65 Ministries/ Divisions, provincial governments, federal autonomous bodies and Azad Jammu Kashmir government stated that it is in the process of preparing Revised Estimates for fiscal year 2023-24 and Budget Estimates for fiscal year 2024-25 in respect of disbursement of foreign assisted projects and programs for induction in the federal budget for fiscal year 2024-25.

Multiple financing sources: Jul-Oct borrowing down $0.408m to $3.847bn YoY: EAD

In this regard EAD has sought information from Ministries/ Division and other autonomous bodies as per the following criteria: estimates of foreign loans, grants and supplier’s credit (a) already committed/ signed and (b) under negotiation and likely to be committed/ signed during fiscal year 2023-24 and fiscal year 2024-25 against which disbursements are expected to take place during the stipulated periods, are required to be prepared by executing agencies.

EAD made it clear that these estimates should be on disbursement basis (i.e., estimated delivery/ receipt of equipment, machinery, etc.) The estimates should not be on contract basis and order placed with the suppliers of machinery/ equipment basis.

While preparing the estimates it was requested to ensure that all foreign assisted projects and programs are properly reflected in the budget returns and aligned with the disbursement schedules agreed with the development partners and indicated in PC-1. Furthermore, name of the development partners along with loan/ grant/ agreement number must be indicated with each project and program. Projects and programs without identification of development partners would not be accepted/ entertained.

The National Economic Council (NEC) in its meeting held on June 7, 2021 inter-alia decided that last date for submission of PC-1s to the Ministry of Planning, Development and Special Initiatives would be March 31 every year, after that no PC-1 shall be entertained/ accepted.

EAD further requested the Ministries/ Divisions and autonomous organisations to ensure that the estimates of only those new projects and programs be submitted to it which either have been uploaded on i-PAS system or likely to be uploaded on or before March 31, 2024.

In this regard, all the federal ministries/ Divisions/ federal autonomous bodies and provincial government departments including Azad Government of the State of Jammu and Kashmir and Government of Gilgit Baltistan were requested to furnish a consolidated statement of revised estimates for fiscal year 2023-24 and budget estimates for fiscal year 2024-25 in respect of disbursement of foreign assisted projects ( loans, grants and supplier’s credit on a prescribed pro forma) by February 28, 2024 positively.

Copyright Business Recorder, 2024

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