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Foreign-aided projects: EAD invites FY23 budget estimates - Inside Financial Markets

Foreign-aided projects: EAD invites FY23 budget estimates

– Business Recorder

ISLAMABAD: Economic Affairs Division (EAD) has asked all the federal ministries/ departments and provisional governments to send revised estimates for fiscal year 2021-22 and budget estimates for fiscal year 2022-23 in respect of disbursement of foreign-aided projects, official sources told Business Recorder.

In a letter to 66 Ministries/ Divisions/Departments and Provincial Ministries, Dr. Naeem Akram Assistant Chief (Policy) EAD has communicated that in order to furnish revised estimates for fiscal year 2021-22 and Budget Estimates for fiscal year 2022-23 in respect of disbursement of foreign project aid to the Finance Division (Budget Wing) for inclusion in the Federal Budget 2022-23, the necessary data of estimates of foreign-aided projects and programs is required to be drawn-up.

According to the letter, EAD has asked that estimates of foreign loans, grants and supplier’s credits both (a) already committed/ signed and (b) under negotiation and likely to be committed/ signed during 2021-22 and 2022-23 against which disbursements are expected to take place during these years are required to be prepared on disbursement basis, i.e., estimated delivery/ receipt of equipment, machinery, etc. (not on contract basis or on order placed with the suppliers of machinery/equipment).

“It is to ensure that all foreign-aided projects and programs are properly reflected in the budget returns keeping in view the priorities and the disbursement schedules as agreed with donors and embodied in PC-I. This would enable smooth and speedy utilization of foreign aid already committed or likely to be committed during the period. Name of the donor and loan/ grant/ agreement number must be indicated with each project,” Dr. Naeem said, cautioning that projects without identification of donors would not be accepted/ entertained.

The estimates are to be furnished both in the currency of the donor country/ agency and in equivalent Pak Rupees with a foot note indicating the conversion rates.

All the Federal Ministries/ Divisions, Federal Autonomous Bodies, Provincial Government Departments and all other aid utilizing agencies should furnish a consolidated statement of the estimates on the prescribed proforma.

Syed Zaki Hussain

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