The Ministry of Finance has released the strategy for the release of development funds during the current financial year 2024-25, for foreign exchange payments, the funds will require prior approval of the External Finance Division Wing of the Finance Division.
According to the Office Memorandum issued by the Ministry of Finance, the Strategy for Release of Funds for the Development Budget of the Fiscal Year in accordance with the provisions of the Public Finance Management Act, 2019 and the Powers of Financial Management and Principal Accounting Officers Regulations, 2021. 2024-25 is being released for immediate implementation, funds for the development budget will be sanctioned by the Planning, Development and Special Initiatives Division, 15 in the first quarter allocated in the PSDP for the current financial year. Percentage, 20% for the second quarter, 20% for the third quarter and 40% for the fourth quarter will be approved.
