In a move likely prompted by the current economic challenges, the government has directed all ministries to surrender any unspent funds by May 15th, according to sources within the Ministry of Finance.
Islamabad: Govt orders ministries to surrender unused funds by May 15. Previously set for May 31, 2024, the Ministry of Finance issued a letter to all ministries and divisions, underscoring the urgency of surrendering funds to alleviate economic pressures.
Federal Secretaries of various ministries have been notified, with Principal Accounting Officers instructed to promptly inform the Budget Wing about the status of funds.
The government’s decision to expedite the surrender of unused funds suggests a pressing need to manage its finances more effectively.
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The Government of Pakistan is the national authority of the Islamic Republic of Pakistan, a federal parliamentary republic consisting of four provinces, two autonomous territories and one federal territory.
Under the Constitution, there are three primary branches of a government: the legislative, whose powers are vested in a bicameral Parliament; the executive, consisting of the President, aided by the Cabinet which is headed by the Prime Minister; and the judiciary, with the Supreme Court.
Effecting the Westminster system for governing the state, the government is mainly composed of the executive, legislative, and judicial branches, in which all powers are vested by the Constitution in the Parliament, the Prime Minister and the Supreme Court. The powers and duties of these branches are further defined by acts and amendments of the Parliament, including the creation of executive institutions, departments and courts inferior to the Supreme Court. By constitutional powers, the President promulgates ordinances and passes bills.
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