Govt tightens control on development fund disbursement
MG News | July 15, 2024 at 12:14 PM GMT+05:00
July 15, 2024 (MLN): The government has decided to maintain strict control over federal funding for development and recurrent expenditures by releasing funds gradually.
According to a notification issued by the Ministry of Finance, the Ministry of Planning, Development, and Special Initiatives will authorize only 15% of funds for approved development projects in the first quarter (July-September 2024) of the current fiscal year.
Subsequently, 20% will be authorized in the second quarter (October-December 2024), 25% in the third quarter (January-March 2025), and 40% in the fourth quarter (April-June 2025).
Moreover, of the allocated funds for the recurrent budget for FY 2024-25 that will be released by the Finance Division under Demands for Grants and Appropriations, 20% will be released in the first quarter, 25% in each of the second and third quarters, and 30% in the fourth quarter.
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