Q4 of CFY: authorisation of Rs10.056bn approved for Power Division
- Authorisation made considering simplified release procedure approved by the ECNEC and release strategy 2023-24 of Finance Division
ISLAMABAD: Ministry of Planning, Development and Special Initiatives has approved authorisation of Rs 10.056 billion for the Power Division for fourth quarter of current fiscal year, well informed sources told Business Recorder.
Allah Nawaz, Assistant Chief (Releases), Ministry of Planning, Development and Special Initiatives, in a letter to Power Division referred to Finance Division’s Office Memorandum (OM) of July 6, 2023 regarding strategy for release of funds for development budget for FY 2023-24 and to convey upfront one-liner authorisation for release amounting to Rs 10,045,548 million to Power Division for 4th Quarter of CFY thus bringing overall authorisation to Rs 43,212.191 million during July-June of CFY.
According to Ministry of Planning, Development and Special Initiatives, the authorisation is being made considering simplified release procedure approved by the ECNEC and release strategy 2023-24 of Finance Division. The secretary/ principal accounting officer (PAO) may release and utilise funds as per requirement of budgeted approved projects while remaining within the authorised ceiling.
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The ministry further stated that all codal formalities, pre-requisites and instructions issued from time to time by it and Finance Division such as GFR, Public Finance Management Act, 2019, Financial Management and Powers of PAOs Regulations 2021, Assan Assignment Account Procedure 2020 and Strategy for release of funds for Development Budget 2023-24 may be adhered to strictly before release and utilization of development funds.
The Ministry of Planning, Development and Special Initiatives requested the concerned authorities to expedite sanction/release of funds as per procedure within specified 4th quarter ceiling and ensure optimum utilisation, adding that incase of any surrender, instructions issued by Finance Division may be complied with for timely re-appropriation to other projects to ensure full utilization of development budget.
Copyright Business Recorder, 2024
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