ISLAMABAD: The Finance Ministry has asked all ministries/ divisions to surrender the anticipated savings on a priority basis by May 31, 2022, for proper utilization of funds where required.

The ministry through a circular issued on Saturday stated that all Principal Accounting Officers (PAOs) are requested to sanction the re-appropriation of funds to meet the Employee Related Expenses (ERE) requirements and surrender the anticipated savings on a priority basis but not later than 31st May 2022 for proper utilization of funds where required.

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It stated, the undersigned is directed to refer to Sections 11 and 12 of the Public Finance Management Act, 2019 on the subject and to state that all Ministries/ Divisions, their Attached Departments and Sub-Ordinate Offices are required to sanction the re-appropriation of funds and surrender the anticipated savings to the Finance Division by 31st of May each year.

Copyright Business Recorder, 2022