AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)
Print Print 2024-05-10

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
Published May 10, 2024

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.

Expenditure cut steps likely in FY25 budget

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

Comments

Comments are closed.

KU May 10, 2024 11:36am
If ignorance of law is no excuse, why is ignorance of reality an excuse put forth by public energy sector? The details on why and how of these funds is shortcoming, yet seem in urgency.
thumb_up Recommended (0)
Shah Rais May 10, 2024 01:58pm
release amounting to Rs 10,045,548 (PLEASE CORRECT THIS AMOUNT) million to Power Division for 4th Quarter of CFY thus bringing overall authorisation to Rs 43,212.191 million during July-June of CFY.
thumb_up Recommended (0)