ISLAMABAD    -   The federal government has amended the release strategy of funds for the Public Sector Development Programme (PSDP) 2022-23 and set a limit of only 10pc releases for the first quarter.

As per the new release strategy, the government has reduced the percent­age of development funds release for the first quarter from 20pc to 10pc, while the percentage of funds release for the 4th quarter has been upward revised from earlier 20pc to 40pc, official documents available with The Nation revealed. For the 2nd and 3rd quarter the release of fund percentage will remain at the same level of 20pc and 30pc respectively.

As per the earlier funds release strat­egy for PSDP 2021-22, the planning min­istry was allowed to release funds for de­velopment projects at the level of 20pc for 1st quarter, 30pc each for 2nd & 3rd quarters and 20pc for 4th quarter.

The strategies for release of funds for development budget/Public Sector Devel­opment Programme for current FY 2022-23 has been amended and made quarter wise changes in the release of funds for the PSDP projects, said a notification is­sued by the Finance Division here. 

As per the notification the fund re­lease strategy shall be applied on each demand for grant and re-appropriation for development budget included in the schedule of authorized expenditure for FY 2022-23. It shall not be applicable on individual Project or Cost Centre or Detailed Object Heads in a Demand for Grant and Appropriation. 

The funds shall be released and up­loaded on AGPR’s Server by Ministry of Planning, Development and Special Ini­tiatives for each Demand for grant and appropriations at the maximum level of 10pc for 1st quarter, 20pc for 2nd quar­ter, 30pc for 3rd quarter and 40pc for 4th quarter of the approved budget. 

The release of funds for each approved project in a demand for grant and appro­priation shall be made by the PAO in each quarter within the new limits. The PAO shall ensure availability of sufficient funds for employees related expenses for each project. Quarter wise budget allocation & release will be uploaded on the MoF & AGPR servers by the Finance Div, within the stated release limits. No payment shall be made over and above the limits by any accounting organization/office except with the prior written approval of the Fi­nance Division, the notification said.