Pakistan has decided to introduce a tagging system for categorizing projects under the federal budget 2024.25 related to climate, gender, and Sustainable Development Goals (SDGs), Finance Ministry sources told ProPakistani.
This tagging system is designed to monitor the allocation and utilization of development funds across various sectors. It will particularly focus on projects aimed at poverty alleviation, labor, education, health, and youth development.
Sources said both the Ministry of Finance and the International Monetary Fund will receive direct reports on the progress of development projects. The Finance Ministry will be kept up to speed on the utilization of funds to concerned ministries.
They said relevant ministries will be restricted from generating new demand for funds until the allocated budget has been fully utilized.
The IMF has set a deadline until the next budget for the implementation of the underlined tagging system. Sources added the new loan program with the IMF will also be contingent upon the successful implementation of this tagging system.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan