Funds matter

Nowadays, work on the budget for fiscal year 2019-20 is in full swing. Reports reveal that there are several ministries, divisions, and departments etc, both at the federal and provincial levels, that have failed to spend the allocated funds they were given. Like the previous year, this year too, a large chunk of money will lapse. It will be returned to the finance ministry before the unveiling of the annual budget in parliament.Delayed transfer of funds from ministries, misallocation of funds, ministries not spending funds – all this reflects fiscal management. Above all, there is the apathy of the principal accounting officers who are allergic to effective organizational governance and employees’ welfare. By not spending the allocated funds or not releasing the requisite funds to the attached bodies in time to utilize those, these people placed in various ministries commit a heinous national crime. Effective fiscal management and organizational governance necessitate that there should be optimal utilization of the allocated funds. Non-availability of funds multiply problems for organizational governance. Against this dismal backdrop, the prime minister and the Public Accounts Committee (PAC) must take notice of this lapsed money and take the tight-fisted principal accounting officer(s) to task.Hashim Abro (Islamabad)

from The News International - Newspost http://bit.ly/2W4wfnL