The finance ministry on Friday approved a strategy for the release of development and non-development funds for projects under the PSDP for fiscal year 2024-25.
The ministry issued an office memorandum to release the strategy. The ministry stated that the issuance of the recurrent budget for the current financial year would be subject to the availability of financial resources.
According to the memo, 15% development funds would be released for approved projects in the first quarter; 20% in the second; 25% in the third and the remaining 40% funds in the last quarter.
It further said that the planning ministry would have the authority to allocate funds for the development budget, and implementing Chapter 3 of the Public Finance Management Act, 2019 would be the responsibility of both the planning ministry and the principal accounting officers concerned.
The memo said that any proposal for change in the prescribed limits would be considered by the budget wing of the Finance Division on a case-to-case basis but the change would require prior approval of the finance secretary.
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