Prime Minister Muhammad Nawaz Sharif has directed the Planning Development & Reform Division and Finance Division to chalk out a mutually agreeable course for release of Development Funds under the Public Sector Development Program (PSDP) during the remaining period of the current financial year and ensure its compliance thereafter.
The Prime Minister recalled that in a meeting about 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 with a view to ensure the efficiency in public spending and safeguard against late releases in the third and fourth quarter which not only effects the pace of implementation of the projects but also results in backloading of expenditure in the financial year.
Since implementation of the Public Sector Development Programme 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&R Division. However, it would be important that while doing so the PD&R 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.
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