No PSDP funds to be released in 4th quarter

Islamabad has devised a new strategy for the release of the Public Sector Development Programme (PSDP) funds in the last quarter.
Now, as the new strategy suggests no formal fund would be released after May 15, 2020.
The Ministry of Finance has also issued a notification which states that no funds would be released for new service or new items of expenditure during the 4th quarter of the fiscal year.
The PSDP funds up to the 3rd quarter of the current financial year were authorized by the Planning and Development Division and were released by Principal Accounting Officers (PAOs) without referring the same to the Finance Division for ways and means clearance.
However, fund releases for the 4th quarter of the fiscal year 2019-2020 will require clearance by the Budget Wing and endorsement by the Expenditure/Development Wing.
The PSDP funds up to the 3rd quarter of the current financial year were authorized by the Planning and Development Division and were released by PAOs without referring the same to Finance Division for clearance.
The move is aimed at ensuring speedy and effective development in the public sector. Thus, releases for the 4th Quarter of FY 2019-20 shall require clearance by Budget Wing and an endorsement by Expenditure/Development Wing. The Expenditure/Development wing of Finance Division will closely monitor and analyze the funds requirement of various Divisions/Departments and Organisations keeping in view the spending trends and needs.
After a scrutiny process, cases will be forwarded along with recommendations to Budget Wing for clearance.