ISLAMABAD: Ministry of Economic Affairs has sought budget estimates under “external development loans and advances by the federal government” grant for the FY 2023-24, official sources told Business Recorder.

In communication with concerned ministries, Ministry of Economic Affairs has stated that in light of Inter Departmental Committee (IDC) decision, Finance Division, in its Office Memorandum (OM) of January 19, 2023 has advised EAD, that autonomous bodies under administrative control of relevant ministries may be directed to make budget estimates and disbursements of loans relent to autonomous bodies to the part of the demand of administrative ministry/division at the time of preparation of budget estimates and to incorporate the same in the demand of relevant ministry/division.

IMF board approves $3 billion Ghana loan agreement

The Ministry of Economic Affairs has once again requested to submit the New Item Statement (NIS)/budget estimates for the fiscal year 2023-24 in respect of executing agency under the control of concerned ministry as the list of IDs under “Demand No 127-external development loans and advances by the federal government” which has already been communicated.

According to Ministry of Economic Affairs, in case of non-compliance of Finance Division’s directions/advice, the budget of the said executing agency for the FY 2023-24 on preparation of budget estimates under grant “external development loans and advances by the federal government” for the FY 2023-24 will show zero and whole responsibility of the same will be on the part of the concerned ministry/PAO.

Copyright Business Recorder, 2023