ISLAMABAD, Pakistan: Prime Minister Muhammad Nawaz Sharif Wednesday directed the Planning Development & Reform Division (PD&RD) and Finance Division to chalk out a mutually agreeable course for the release of development funds under the Public Sector Development Programme (PSDP) during the remaining period of the current financial year.
He also directed to ensure its compliance afterwards.
The Prime Minister recalled that in a meeting over Public Sector Development Programme, the Finance Division had agreed, in principle, to enhance the quarterly limits in line with the proposal of the Planning Development & Reform Division.
It was agreed with a view to ensure the efficiency in public spending and safeguard against late releases in the third and fourth quarters, which not only effected the pace of implementation of the projects, but also resulted in backlogging of expenditure in the financial year, said a press release.
Since implementation of the PSDP in an efficient and transparent manner is a key target of the government, efforts have to be made to ensure maximum releases in line with the requirements of the PD&RD.
However, it would be important that while doing so the PD&RD shall continuously monitor the utilization of the available resources and the pace of the implementation without the money getting stuck in the projects where implementation is slow for any reason.
The demand and allocation for funds should, therefore, be based on the priority assigned on sectoral basis without compromising the key principle of regional equity that was agreed at the time of formulation of PSDP, it added.