Punjab govt to improve distribution of provincial funds

The Punjab Finance Department on Tuesday said that the Punjab administration will introduce the Punjab Public Finance Management Bill 2022 in the Punjab Assembly after receiving permission from the Punjab Cabinet

According to media reports, the purpose of this bill is to improve the distribution of provincial funds and increase the transparency of the budget.

They also said that significant changes were being made to the Public Finance Management System. In this regard, the meeting to evaluate the Public Finance Management Reforms Strategy in Punjab was presided over by Punjab Finance Minister Sardar Mohsin Khan Laghari.

The new legislation was created with the intention of providing the budgeting rules with legal protection.

According to the new law, financial resources will be distributed based on the results of the budget-making process.

Following the approval of the new law, lapsed funds will become a part of the provincial fund and may be used there when necessary for the reasons for which they were designated.

Additionally, organizations dependent on grants and subsidies from the government will become self-sufficient.

According to the new law’s proposal, one account will be for public funds, and the other will be for treasury funds. The government’s cash flow will increase, and the budget will be used more effectively thanks to the revenue received from the loss-making institutions, which will deposit their recoveries in the treasury account.

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