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  "title": "PUNJAB PUBLIC FINANCIAL MANAGEMENT ACT 2022",
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  "text": "PUNJAB PUBLIC FINANCIAL MANAGEMENT ACT 2022 \r\n(XXXVII of 2022) \r\nCONTENTS \r\nCHAPTER I \r\nPRELIMINARY \r\n1. Short title, extent and commencement. \r\n2. Definitions. \r\n3. Measures to be taken. \r\nCHAPTER II \r\nPLANNING, BUDGETING AND PERFORMANCE MANAGEMENT \r\n4. Medium-term Planning and Budgeting. \r\n5. Revenue. \r\n6. Annual Budget Statement. \r\n7. Performance reporting. \r\n8. Expenditure from Provincial Consolidated Fund. \r\n9. Withdrawal from Public Account. \r\n10. Grants to be received or paid by the Government. \r\n11. Grant-in-aid to be paid by the Government. \r\n12. Supplementary Budget Statement and Excess Budget Statement. \r\n13. Re-appropriation of funds. \r\n14. Statement of Excess and Surrender. \r\n15. Guidelines on Commitment Control System. \r\n16. Assessment and upgradation of Public Financial Management (PFM) \r\nSystem. \r\n17. Public Financial Management Unit. \r\nCHAPTER III \r\nFISCAL RISK MANAGEMENT \r\n18. Fiscal Risk Management Framework. \r\n \r\n \r\n19. Fiscal risk statement. \r\n20. Fiscal discipline. \r\n21. Debt limits. \r\n22. Compliance with Fiscal and debt provisions. \r\nCHAPTER IV \r\nDEBT MANAGEMENT \r\n23. Authority to borrow or issue guarantees. \r\n24. Purposes of borrowing. \r\n25. Functions of Debt Management Unit. \r\n26. Medium-Term Debt Management Strategy. \r\nCHAPTER V \r\nPUBLIC INVESTMENTS \r\n27. Medium-term Planning for Public Investments. \r\n28. Approval and monitoring of Public investment projects and programs. \r\n29. Stock of public investments. \r\n30. Framework for management of public investments. \r\nCHAPTER VI \r\nMANAGING RECEIPTS AND PAYMENTS \r\n31. Custody of Provincial Consolidated Fund and the Public Account of the \r\nProvince. \r\n32. Banking arrangements. \r\n33. Sanctioning of expenditure from the Provincial Consolidated Fund. \r\n34. Withholding of appropriations. \r\n35. Cash management. \r\n36. Special Purpose Fund. \r\n37. Fund Management Company. \r\nCHAPTER VII \r\nACCOUNTING AND FINANCIAL REPORTING \r\n38. Accounts. \r\n \r\n \r\n39. Chief Finance and Accounts Officer. \r\n40. Internal Controls. \r\n41. Budget Execution Report. \r\n42. Financial Reports. \r\nCHAPTER VIII \r\nPUBLIC CORPORATIONS \r\n43. Governance of public corporations. \r\n44. Corporate Finance Unit. \r\nCHAPTER IX \r\nMISCELLANEOUS \r\n45. Implementation. \r\n46. Indemnity. \r\n47. Removal of difficulty. \r\n48. Power to make rules. \r\n49. Power to make regulations. \r\n50. Overriding effect. \r\nTEXT \r\n1PUNJAB PUBLIC FINANCIAL MANAGEMENT ACT 2022 \r\n(XXXVII of 2022) \r\n[02 December 2022] \r\nAn \r\nAct \r\nto regulate financial affairs in the public sector and matters relating to the Provincial \r\nConsolidated Fund and Public Account of the Punjab.  \r\nIt is  necessary to regulate and  manage financial affairs in the public sector in a \r\ncomprehensive, efficient, transparent and sustainable manner contributing to long -\r\nterm socio-economic stability and growth of the Province; to make provisions relating \r\nto custody of the Provincial Consolidated Fund, the payment of moneys into that \r\nFund, the withdrawal of moneys therefrom, the custody of other moneys received by \r\nor on behalf of the Government, their payment into and withdrawal from the Public \r\nAccount of the Punjab;  and to provide for the matters connected with or ancillary \r\nthereto in pursuance of Article 119 of the Constitution of the Islamic Republic of \r\nPakistan.  \r\nBe it enacted by Provincial Assembly of the Punjab as follows: \r\nCHAPTER I \r\nPRELIMINARY \r\n1. Short title, extent and commencement .− (1) This  Act may be cited as the \r\nPunjab Public Financial Management Act 2022. \r\n(2)  This Act extends to whole of the Punjab.  \r\n(3)  This Act shall come into force at once. \r\n2. Definitions.− (1) In this Act: \r\n(a) “appropriation” means an expenditure which is a part of the \r\nSchedule of Authorized Expenditure authenticated under  Article \r\n123 of the Constitution; \r\n(b) \"authorization\" means authorization to withdraw moneys from \r\nthe Provincial Consolidated Fund and Public Account of the \r\nPunjab against budgetary appropriations; \r\n(c) “Constitution” means the Constitution of the Islamic Republic of \r\nPakistan;  \r\n(d) \"financial propriety\" means the compliance of this Act, rules and \r\nregulations for ma intaining high standards of prudence, \r\nvigilance, due diligence and ensuring value for money while \r\nincurring expenditure and collecting Government receipts; \r\n                                                           \r\n1This Act was passed by the Provincial Assembly of the Punjab on 21 November 2022; assented to by the Governor of the \r\nPunjab on 30 September 2022; and, was published in the Punjab Gazette (Extraordinary), dated: 02 December 2022, pp. 2383-\r\n2396. \r\n \r\n \r\n(e) “Finance Secretary” means Secretary to the Government, \r\nFinance Department; \r\n(f) \"Government\" means Government of the Punjab; \r\n(g) “prescribed” means prescribed by the rules or the regulations \r\nmade under this Act; \r\n(h) \"re-appropriation\" means the transfer of funds from one head of \r\naccount to another head of account within a budget grant; \r\n(i) “regulations” means the regulations made under this Act;  \r\n(j) “rules” means the rules made under this Act; \r\n(k) \"tax expenditure\" means the tax revenue which the Government \r\nforegoes through the provisions of tax laws that allow \r\ndeductions, exclusions, exceptions, deferrals or preferential \r\nrates; and \r\n(l) \"technical supplementary grant\" means a re -allocation of funds \r\nwhich does not impact the Government’s overall authorized \r\nexpenditure from the Provincial Consolidated Fund. \r\n(2) An expression or a word used but  not defined in this Act, rules and \r\nregulations made thereunder  shall have the same meaning as  assigned in the \r\nConstitution, the Punjab Government Rules of Business 2011, Government Finance \r\nStatistics Manual, Public Sector Debt Statistics: Guide for Compilers and Users and \r\nany other relevant instrument. \r\n3. Measures to be taken.− For regulation and management of public finances in \r\na comprehensive, efficient, transparent and sustainable manner, the Government \r\nshall cause the following measures to be taken: \r\n(a) adequate comprehensiveness of the Budget including the Budgets of \r\nall relevant institutional units;  \r\n(b) clarity of description of functions, powers and performance indicators of \r\nthe institutional units performing functions for the Government; \r\n(c) introduction of appropriate checks and balances in the public financial \r\nmanagement system; \r\n(d) emphasis on medium -term planning and budgeting horizons, \r\nframeworks, strategies, and evaluations; \r\n(e) carrying out of regular reporting of financial statistics including public \r\ndebt, and fiscal risks in accordance with international standards; \r\n(f) implementation of robust Fiscal Risk Management Framework and \r\nkeeping the Budget Deficit and Public Sector Debt within reasonable \r\nlimits; \r\n(g) regular spend ing of a reasonable amount of resources on public \r\ninvestments; \r\n(h) formulation of a comprehensive policy for governance of public \r\ncorporations; and \r\n \r\n \r\n(i) adoption of a balanced approach with realistic targets giving the \r\nrelevant institutional units the authority, me ans and resources to \r\nachieve such targets while installing appropriate mechanisms for \r\nrewarding good performance and addressing bad performance. \r\n \r\nCHAPTER II \r\nPLANNING, BUDGETING AND PERFORMANCE MANAGEMENT \r\n4. Medium-term Planning and Budgeting .− (1) The Government shall adopt \r\nplanning and budgeting for a medium -term of three to five years to foster discipline \r\nand consistency in financial management. \r\n(2) During each financial year, the Finance Department shall prepare a \r\nMedium-term Fiscal Framework and Budget Strategy encompassing at least the next \r\nthree financial years, and submit to the Government for approval. \r\n(3) Upon approval, the Medium -term Fiscal Framework and Budget \r\nStrategy shall be published on official website of the Finance Department. \r\n(4) The timelines fo r preparation, submission and approval of \r\naforementioned documents shall be as prescribed.  \r\n(5) The Finance Department shall finalize the estimates to be included in \r\nMedium-term Fiscal Framework and Budget Strategy in consultation with all \r\nDepartments of the G overnment, Planning and Development Board  and any other \r\npublic sector institution, whether federal or provincial, whose input, in the opinion of \r\nthe Finance Department, is important for this purpose. \r\n(6) The Medium-term Fiscal Framework and Budget Strategy shall include: \r\n(a) socio-economic objectives of the Governments and its policy \r\npriorities and goals pertaining to important fiscal variables \r\nincluding revenue, expenditure, budget balance and debt;  \r\n(b) policy targets and allocations expressed as percentage of Gross \r\nDomestic Product ( GDP), percentage of total expenditure, \r\npercentage of total debt or any other meaningful measure, \r\npertaining to the important fiscal variables and their major \r\ncomponents including tax and non -tax revenues, direct and \r\nindirect taxes, user charges for certain services, operating \r\nexpenses, public investments, allocation of expenditure among \r\nvarious functions of the Government, external and domestic \r\ndebt; \r\n(c) baseline projections of the important fiscal variables; \r\n(d) details of the major factors, con straints and assumptions \r\nunderlying the projections;  \r\n(e) details of relevant policies of the Government; \r\n(f) Key Performance Indicators in the form of targeted outcomes \r\nand outputs for each Department; \r\n(g) single expenditure ceiling for each Department to achieve the  \r\nKey Performance Indicators; \r\n \r\n \r\n(h) reconciliation of Expenditure Ceilings for Departments with \r\nfunctional and economic classification; \r\n(i) desired flexibility in the spending plans of Departments due to \r\nunexpected shortfalls in Revenue or increases in Expenditure \r\nresulting from various fiscal risks; and \r\n(j) details and justification of significant gaps between the priorities, \r\ngoals, targets, or allocations in the current and the previous \r\nMedium-term Fiscal Framework and Budget Strategy. \r\n(7) For the purposes of formulatio n and execution of medium -term or \r\nannual Budgets, each  Department shall represent, and be responsible for, all \r\ninstitutional units under its administration, and the Government shall ensure that \r\nevery institutional unit forming part of the Government is re presented by a \r\nDepartment. \r\n5. Revenue.− (1) Every Department responsible for collecting tax or non -tax \r\nrevenue shall prepare and update on annual basis, a Business Plan to enforce the \r\nrelevant laws and collect the revenue in an efficient manner. \r\n(2) The Business Plan shall encompass the next three financial years and \r\ncontain annual revenue targets and the key measures to achieve those targets.  \r\n(3) The Business Plan shall be in line with the Medium -term Revenue \r\nMobilization Strategy approved by the Govern ment in case of revenue sources \r\nincluded in the Strategy.  \r\n(4) The relevant Departments shall, within three months of the close of \r\neach financial year, submit a performance report to the Government mentioning the \r\nperformance relative to the targets set in the Business Plan and explain reasons for \r\ndeviations, if any, from the targets. \r\n6. Annual Budget Statement .− (1) The Finance Department shall prepare the \r\nAnnual Budget Statement, containing the consolidated budget of all institutional units \r\nthat form part of t he Government, for the next financial year and submit it to the \r\nGovernment. \r\n(2) The Annual Budget Statement shall include: \r\n(a) estimates of revenue and expenditure along with their \r\nbifurcation on the basis of functional classification, economic \r\nclassification and Departments; \r\n(b) estimates of Net Operating Balance, Primary Balance and \r\nBudget Balance; and \r\n(c) estimates of Net Borrowing / Net Lending and its bifurcation into \r\nNet Acquisition of Financial Assets and Net Incurrence of \r\nLiabilities. \r\n(3) In addition to the Budget Esti mates for the next financial year, the \r\nAnnual Budget Statement shall also provide the Revised Estimates for the ongoing \r\nfinancial year. \r\n \r\n \r\nExplanation: The expression “actual figures” means the figures audited by \r\nthe Auditor General of Pakistan or, in case th e audit is still in process, provisional \r\nfigures as per the Integrated Financial Management Information System. \r\n(4) Each Department shall be responsible for preparing, submitting and \r\nnegotiating the annual Budget in respect of all institutional units under its  \r\nadministrative control. \r\n(5) Each Department shall prepare its annual Budget estimates in line with \r\nthe expenditure ceilings approved in the Medium -term Fiscal Framework and Budget \r\nStrategy. \r\n(6) Each Department’s Key Performance Indicators and Budget estimates \r\nshall be deliberated and finalized for submission to the Government, in such manner \r\nas may be notified by the Finance Department.  \r\n7. Performance reporting.− (1) Within three months of the close of a financial \r\nyear, each Department shall submit a performance report to the Government. \r\n(2) The performance report shall contain details of: \r\n(a) of the actual results achieved during the financial year regarding \r\nthe outputs, outcomes, and key performance indicators agreed \r\nat the time of finalization of the budget for that financial year; \r\nand  \r\n(b) the targeted outputs, outcomes, and key performance indicators \r\nachieved along with the reasons for gap between the targets \r\nand actual results. \r\n8. Expenditure from Provincial Consolidated Fund.− (1) Expenditure from the \r\nProvincial Consolidated Fund shall include the following payments either as Charged \r\nExpenditure or as Other Expenditure: \r\n(a) expenses, other than investments, in connection with \r\nGovernment operations; \r\n(b) Investments in non-financial assets; \r\n(c) acquisition of financial assets; and \r\n(d) discharge of liabilities. \r\n (2) Other Expenditure includes all Expendi ture other than Charged \r\nExpenditure as may be approved by the Government.  \r\n9. Withdrawal from Public Account .− Withdrawal from Public Account shall \r\ninclude the following payments: \r\n(a) expenses other than investments; \r\n(b) investments in non-financial assets; \r\n(c) acquisition of financial assets; and \r\n(d) discharge of liabilities. \r\n \r\n \r\n \r\n10. Grants to be received or paid by the Government .− (1) The Finance \r\nDepartment shall prepare a Policy for providing grants to other governments and \r\nforeign organizations and submit it to the Government for approval.  \r\n(2) The Policy shall include the grants payable to local governments of the \r\nPunjab.  \r\n(3) The pro cess and timelines for preparation and approval of the Policy \r\nshall be as prescribed. \r\n(4) All authorizations and payments of grants to other governments and \r\nforeign organizations shall be in accordance with the Policy.  \r\n(5) All Grants receivable by the Government from other governments or \r\ninternational organizations shall be received by the Finance Department.  \r\n(6) Subject to approval of the Government, the Finance Secretary or any \r\nother officer authorized by the Government may enter into agreements for the \r\npurpose of providing and receiving grants from other governments and foreign \r\norganizations.  \r\n(7) The Finance Department shall issue Guidelines for receipt of Grants \r\nfrom other governments and foreign organizations by the Government for guidance \r\nof all Departments. \r\n \r\n11. Grant-in-aid to be paid by the Government .− (1) The Finance Department \r\nshall prepare a Policy for providing grant-in-aid and submit it to the Government. \r\n(2) The process and timelines for preparation and approval of the Policy \r\nshall be as prescribed. \r\n(3) All authorizations and payments of grant -in-aid shall be in accordance \r\nwith the Policy. \r\n \r\n12. Supplementary Budget Statement and Excess Budget Statement .− (1) \r\nThe Government shall not authorize a Supplementary Expenditure unless it is \r\nsatisfied that adequate resources shall be available for this purpose.  \r\n(2) The Supplementary Expenditure Statement shall include reasons for \r\nincurring the Supplementary Expenditure.  \r\n(3) The Excess Expenditure Statement shall include reasons for incurring \r\nthe Excess Expenditure and the measures to prevent such instances in future.  \r\n(4) The conditions, process and timelines pertaining to Supplementary \r\nBudget Statement and Excess Budget Statement shall be as prescribed. \r\n \r\n13. Re-appropriation of funds .− (1) The head of a Department or any other \r\nofficer authorized by him may sanction re -appropriation of funds pertaining to that \r\nDepartment. \r\n(2) Total amount re -appropriated by a Department during a finan cial year \r\nshall not exceed 20% of the total Expenditure approved as part of the Budget \r\nEstimate of that Department except under extraordinary circumstances and with prior \r\napproval of the Finance Department. \r\n \r\n \r\n(3) The conditions, process and timelines pertaining to re-appropriation of \r\nfunds shall be as prescribed.  \r\n \r\n14. Statement of Excess and Surrender .− (1) Each Department shall submit a \r\nStatement of Excess and Surrender containing:  \r\n(a) anticipated expenditure in excess of the schedule of Authorized \r\nExpenditure; or  \r\n(b) authorized Expenditure to be surrendered due to anticipated \r\nsavings during a financial year.  \r\n(2) The Statement shall include reasons for anticipation of excess \r\nExpenditure or sur rendering a portion of the Authorized Expenditure, as the case \r\nmay be. \r\n(3) The Finance Department shall, after obtaining further information that it \r\nconsiders necessary, communicate Revised Budget Estimate for the financial year to \r\neach Department. \r\n(4) The conditi ons, process and timelines pertaining to Statement of \r\nExcess and Surrender shall be as prescribed.  \r\n \r\n15. Guidelines on Commitment Control System.− The Finance Department \r\nshall frame Guidelines related to multi-annual Commitment Control System. \r\n \r\n16. Assessment and upgradation of Public Financial Management (PFM) \r\nSystem.− (1) For continuous upgradation of the PFM System in line with the \r\ninternational standards and best practices, the Finance Department shall carry out \r\nan assessment of its Public Financial Management System in accordance with the \r\ninternational Public Expenditure and Financial Accountability (PEFA) framework on a \r\nregular basis.  \r\n(2) The assessment shall be carried out at least once in every four years \r\nthrough a qualified and independent organization. \r\n(3) The assessment report shall be presented to the Government a nd \r\nshall, afterwards, be published on the website of the Finance Department. \r\n \r\n17. Public Financial Management Unit.− The Public Financial Management Unit \r\n(PFMU) established in the Finance Department shall perform the following functions:  \r\n(a) preparation of Me dium-term Fiscal Framework and Budget Strategy in \r\nconsultation with the relevant stakeholders; \r\n(b) preparation of annual Fiscal Risk Statement including the statement of \r\ncompliance of the provisions of this Act; \r\n(c) preparation of Medium -term Revenue Mobilization Strategy \r\nencompassing next three financial years in consultation with relevant \r\nstakeholders;  \r\n(d) preparation of Medium -term Expenditure Management Policy \r\nencompassing next three financial years in consultation with relevant \r\nstakeholders;  \r\n \r\n \r\n(e) monitoring the actua l results of the policies and frameworks and shall \r\npublishing an annual progress report in this regard; \r\n(f) preparation of a training and development plan for the staff of the \r\nFinance Department, monitoring the implementation of the plan, and \r\npublishing an annual report in this regard; and \r\n(g) any other functions as prescribed under the rules or as assigned by the \r\nFinance Secretary. \r\n \r\nCHAPTER III  \r\nFISCAL RISK MANAGEMENT \r\n18. Fiscal Risk Management Framework .− (1) The Finance Department shall \r\nprepare a Fiscal Risk Management Framework, and submit it to the Government for \r\napproval. \r\n(2) The Finance Department may, from time to time, propose to the \r\nGovernment, revisions in the Fiscal Risk Management Framework to enhance its \r\neffectiveness for approval.  \r\n \r\n19. Fiscal risk sta tement.− (1) The Finance Department shall prepare a Fiscal \r\nRisk Statement on annual basis, and submit it to the Government for approval. \r\n(2) The Government may review approve the Fiscal Risk Statement, and \r\nshall lay it before the Provincial Assembly along with the Annual Budget Statement. \r\n(3) The Statement shall contain information on:  \r\n(a) major sources of risk that can result in significant deviations \r\nbetween actual and expected fiscal outcomes; \r\n(b) estimates of Tax Expenditure for the next financial year \r\nprepared with t he assistance of all Departments and agencies \r\nengaged in collection of taxes; \r\n(c) fiscal risks posed by explicit as well as implicit contingent \r\nliabilities; \r\n(d) compliance status of fiscal and debt rules contained in this Act \r\nalong with the relevant figures, and, in case of non -compliance, \r\nthe reasons thereof; \r\n(e) assessment of the implementation status and effectiveness of \r\nthe Fiscal Risk Management Framework; and \r\n(f) measures needed to strengthen the management of fiscal risks. \r\n \r\n20. Fiscal discipline .− The Government sha ll take appropriate measures to \r\nmaintain a balanced Budget over the long run by observing the following quantitative \r\nlimits:  \r\n(a) in any financial year, Net Investment in Non -financial Assets shall not \r\nbe less than 15% of average revenue of three preceding financial \r\nyears; and \r\n \r\n \r\n(b) in any financial year, the Budget Deficit shall not exceed 10% of \r\naverage revenue of three preceding financial years.  \r\n \r\n21. Debt limits.− The Government shall take appropriate measures to keep the \r\nPublic Sector Debt and Guarantees by observing the following quantitative limits: \r\n(a) stock of Public Sector Debt and Guarantees shall not, at any time, \r\nexceed 200% of the avera ge revenue of three preceding financial \r\nyears; \r\n(b) Government Debt and Guarantees shall not, at any time, exceed 160% \r\nof the average revenue of three preceding financial years; \r\n(c) public corporations Debt and Guarantees shall not, at any time, exceed \r\n40% of the average revenue of three preceding financial years; and \r\n(d) interest expense on Government Debt shall not, in any financial year, \r\nexceed 12% of the average revenue of three preceding financial years. \r\n22. Compliance with Fiscal and debt provisions .− (1) Complian ce with fiscal \r\nand debt provisions laid down in this Act shall be monitored based on annual \r\naccounts prepared by the Accountant General’s Office and audited by the Auditor \r\nGeneral’s Office after the end of a financial year. \r\n(2) Breach of any of the Fiscal and Debt provisions for two consecutive \r\nyears shall be treated as non-compliance.  \r\n(3) In case of non -compliance, the Government shall make all reasonable \r\nefforts to return to the compliant status within two financial years. \r\n(4) The Government shall, at the time of presentation of Annual Budget \r\nStatement before the Assembly, communicate the reasons for non -compliance and \r\nthe strategy and time frame for achieving compliance. \r\n \r\nCHAPTER IV  \r\nDEBT MANAGEMENT \r\n23. Authority to borrow or issue guarantees .− (1) The  authority to borrow or \r\ngive a guarantee shall vest in the Government.  \r\n(2) All Government borrowings and guarantees shall be executed by the \r\nFinance Secretary or any other officer as the Government may specifically authorize \r\nfor the purpose. \r\n24. Purposes of b orrowing.− The Government may borrow for all or any of the \r\nfollowing purposes: \r\n(a) to finance the Budget deficit;  \r\n(b) to meet temporary cash or liquidity needs;  \r\n(c) to make investment in non-financial or financial assets; \r\n(d) to repay, refinance, reschedule, restructure , prematurely retire or swap \r\nexisting debt; \r\n \r\n \r\n(e) to pay a liability; and \r\n(f) to on-lend the borrowed funds to any institutional unit forming part of \r\nthe Public Sector.  \r\n25. Functions of Debt Management Unit .− The Debt Management Unit \r\nestablished in the Finance Department shall: \r\n(a) prepare the Medium -Term Debt Management Strategy as required \r\nunder this Act; \r\n(b) prepare Annual Borrowing Plan in consultation with the relevant \r\nstakeholders and in conformity with the Medium -term Debt \r\nManagement Strategy; \r\n(c) formulate and implement  a process for raising domestic debt through \r\nvarious sources such as Government securities, bank loans etc. \r\nsubject to any modifications that may be made in the process from time \r\nto time, with  prior approval of the Finance Secretary; \r\n(d) prepare a Framework f or Management of Guarantees in consultation \r\nwith relevant stakeholders, with approval of the Government, for \r\nissuance, valuation, and monitoring of Government Guarantees; \r\n(e) undertake domestic borrowings through government securities, bank \r\nloans or any other domestic borrowing instruments; \r\n(f) undertake external borrowings through commercial sources including \r\ndebt securities such as bonds, sukuks, bank loans or any other \r\ncommercial borrowing instruments; \r\n(g) coordinate with the Planning and Development Board (P&DB) in raising \r\nexternal debt through multilateral or bilateral sources and provide \r\nadvice to P&DD on financial terms and conditions of external debt; \r\n(h) advise the Finance Secretary in evaluation of requests for Government \r\nGuarantees made by Public Corporations; \r\n(i) maintain consistent and authenticated record of Government Debt and \r\nGuarantees; \r\n(j) prepare a comprehensive debt bulletin on semi -annual basis in \r\naccordance with the international standards contained in ‘Public Sector \r\nDebt Statistics: guide for compilers and use rs’ and in case the debt \r\nstatistics contained in the debt bulletin are not fully in accordance with \r\nthese standards, appropriate disclosures shall be made; \r\n(k) monitor compliance with the Debt Rules provided in this Act; \r\n(l) ensure that Debt Management Performance  Assessment (DeMPA) is \r\ncarried out in accordance with the international standards at least once \r\nin four years; \r\n(m) act as the investor relations office of the Finance Department in \r\nmatters pertaining to Government Debt and Guarantees; and \r\n(n) perform any other function as may be prescribed. \r\n \r\n \r\n \r\n26. Medium-Term Debt Management Strategy .− (1) The Finance Minister shall \r\napprove a Medium -term Debt Management Strategy for managing the Government \r\ndebt, encompassing three financial years and update it on annual basis in line  with \r\nthe Medium-term Fiscal Framework and Budget Strategy. \r\n(2) The Medium-term Debt Management Strategy shall provide for: \r\n(a) debt portfolio of the Government;    \r\n(b) future borrowing requirements of the Government and key \r\nfeatures of the strategy to meet those requirements;  \r\n(c) identification of areas or sources of debt where the debt has \r\nexceeded prudent limits and key features of the strategy to \r\npartially or fully retire such debt to bring it within reasonable \r\nlimits;  \r\n(d) major risk exposures of the debt portfolio and the key elements \r\nof the strategy to manage those risks including the following; \r\n(i) average time to maturity of debt portfolio; \r\n(ii) share of fixed rate and floating rate debt; and \r\n(iii) share of debt and guarantees. \r\n(e) any other factors that may affect the d ebt management strategy; \r\nand \r\n(f) the projections of key measures of debt burden including:  \r\n(i) Government Debt and Guarantees along with its \r\nbifurcation into Domestic Debt and External Debt;  \r\n(ii) ratio of Government Debt and Guarantees to Revenue; \r\nand \r\n(iii) ratio of Government Debt Service to Revenue. \r\n(3) The Medium -Term Debt Management strategy shall be published on \r\nthe  website of the Finance Department along with the Budget documents. \r\n \r\nCHAPTER V \r\nPUBLIC INVESTMENTS \r\n27. Medium-term Planning for Public Investments.− (1) The Planning and \r\nDevelopment Board shall prepare a Growth Strategy for the province of Punjab, and \r\nsubmit it to the Government for approval.  \r\n(2) The Growth Strategy shall contain the following: \r\n(a) socio-economic targets to be achieved over the next three \r\nfinancial years;  \r\n(b) key features of the strategy to achieve those targets;  \r\n(c) fair allocation of resources to strive for regional equalization and \r\nbalance in the distribution of resources; and \r\n(d) sectoral /departmental plans for public investments to b e made \r\nfor this purpose. \r\n \r\n \r\n(3) The process and timelines for preparation and approval of the Growth \r\nStrategy shall be as prescribed. \r\n(4) The Planning and Development Board shall notify guidelines to be \r\nfollowed for timely preparation of Growth Strategy including the  sectoral plans, and \r\nthe Planning and Development Board may, from time to time, amend the process.  \r\n(5) The Departments shall prepare and update the medium -term Public \r\nInvestment Plans in consultation with the Planning and Development Board and \r\nensure that estimates of costs and revenues are prepared for each Public \r\nInvestment project or program included in such Plans. \r\n \r\n28. Approval and monitoring of Public investment projects and programs .− \r\n(1) All public investment projects and programs included in Annual Development \r\nPlan of the Government in a financial year shall: \r\n(a) be part of the respective sectoral or departmental plan approved \r\nby the Government along with the Growth Strategy; and \r\n(b) have undergone the process for appraisal and approval of public \r\ninvestment projects.  \r\n(2) The Planning and Development Board shall prepare and notify  a \r\nPlanning Manual containing the criteria and process for appraisal, approval and \r\nmonitoring of public investment projects and programs for inclusion in Annual \r\nDevelopment Plan. \r\n(3) The Planning Manual shall include the following: \r\n(a) criteria for deciding whether to execute a project or program in \r\nPublic Private Partnership or Project Finance modes or as part \r\nof the regular Public Investment plan; \r\n(b) minimum projected financial rate of return at the time of \r\nappraisal and approval; and \r\n(c) mechanisms for monitoring and reporting of the actual financial \r\nrate of return over the life of the project or program. \r\n \r\n29. Stock of public investments .− (1) The Planning and Development Board \r\nshall maintain stock of public investments made by the Government in non -financial \r\nassets. \r\n(2) For the purpose of subsection (1), the Planning and Development \r\nBoard shall maintain an Asset Register in electronic form.  \r\n(3) The Asset Register shall include the following in formation in respect of \r\nindividual non-financial assets during and up to the financial year and the flexibility to \r\naggregate the information for various categories of non-financial assets: \r\n(a) acquisition of non-financial assets; \r\n(b) disposal of non-financial assets; \r\n(c) consumption of fixed capital in respect of non -financial assets; \r\nand \r\n(d) net investment in non-financial assets. \r\n \r\n \r\n(4) The Planning and Development Board shall issue guidelines for \r\nupdating the Asset Register on a regular basis, and all Departments including other \r\ninstitutional units of the Government shall follow such guidelines. \r\n \r\n30. Framework for management of public investments.− (1) The Planning and \r\nDevelopment Board shall approve a Public Investment Management Framework \r\nconsisting of good practices in th ree key phases of public investment management \r\nconsisting of planning, budgetary allocation and implementation. \r\n(2) Good practices mentioned in subsection (1) shall include: \r\n(a) in planning phase:  \r\n(i) appropriate measures to evaluate the financial or \r\neconomic returns of public investments; \r\n(ii)  provincial and sectoral planning, such as prioritization, \r\nmulti-year costing; \r\n(iii)  coordination among entities, such as coordination \r\nbetween provincial and local government institutions; \r\n(iv)  project appraisal; and \r\n(v)  alternative infrastructure financing, such as public private \r\npartnerships; \r\n(b) in budgetary allocation phase:  \r\n(i)  multi-year budgeting; \r\n(ii)  budget comprehensiveness and unity; \r\n(iii)  adequate budgeting for investment; \r\n(iv)  adequate budgeting for maintenance; and \r\n(v)  project selection; and \r\n(c) in implementation phase: \r\n(i) procurement; \r\n(ii) availability of funding; \r\n(iii) portfolio management; \r\n(iv) project management; and \r\n(v) monitoring of public assets. \r\n(3) The Planning and Development Board shall, at least once in every four \r\nyears, carry out a Public Investment Management Assessment (PIMA) in \r\naccordance with international standards.  \r\n(4) After the close of each financial year, the Planning and Development \r\nBoard shall submit an annual report to the Government in respect of public \r\ninvestments in non-financial assets.  \r\n(5) The report shall include the following:  \r\n(a) stock of non-financial assets at the end of the financial year; \r\n \r\n \r\n(b) trends in net investment in non-financial assets; and \r\n(c) lessons learned and good practices introduced in management \r\nof public investments. \r\n \r\nCHAPTER VI \r\nMANAGING RECEIPTS AND PAYMENTS \r\n31. Custody of Provincial Consolidated Fund and the Public Account of the \r\nProvince.− (1) The  custody of the Provincial Consolidated Fund and the Public \r\nAccount of the Province shall vest in the Finance Department under the overall \r\nsupervision of the Government. \r\n(2)  Profit accrued on Moneys, in addition to the Government Treasury or \r\nState Bank of  Pakistan, placed in commercial bank accounts with the permission of \r\nthe Finance Department under this Act or the rules made thereunder, shall be \r\nregulated by guidelines to be issued by Finance Department. . \r\n \r\n32. Banking arrangements.− (1) The Government s hall maintain separate bank \r\naccounts for the purpose of Provincial Consolidated Fund and Public Account with \r\nthe State Bank of Pakistan. \r\n(2) A separate bank account for the purpose of Public Account shall be \r\nopened within two year of commencement of this Act. \r\n(3) After a separate bank account is opened: \r\n(a) all future allocations pertaining to the Public Account shall be \r\ntransferred in this bank account; and \r\n(b) a plan shall be approved and implemented by the Finance \r\nDepartment to determine the outstanding liabilities paya ble from \r\nthe Provincial Consolidated Fund to the Public Account and pay \r\nthose liabilities by making transfers in the separate bank \r\naccount over a period not exceeding fifteen years. \r\n(4) All accounts of the Government shall be operated by authorized \r\nsignatories as prescribed by the Finance Department. \r\n(5) The Finance Department may, from time to time, open or allow any \r\nDepartment or other Government Unit to open accounts with commercial banks \r\nregulated by State Bank of Pakistan  under such conditions and process  as  may be \r\nprescribed. \r\n(6) All receipts and payments by the Government, shall be routed through \r\nthe bank account of Provincial Consolidated Fund, and such receipts and payments \r\nwhich are not routed through the bank account, due to any reason whatsoever, shall \r\nbe recorded in the Government accounts as if these were received in, or paid from, \r\nthe Provincial Consolidated Fund, as the case may be.  \r\n \r\n33. Sanctioning of expenditure from the Provincial Consolidated Fund .− (1) \r\nNo Expenditure shall be made from the Provinc ial Consolidated Fund or Public \r\nAccount until it has been sanctioned by the Government or the Finance Department \r\nas the case may be, and is part of: \r\n \r\n \r\n(a) schedule of Authorized Expenditure;  \r\n(b) Supplementary Grant including Technical Supplementary Grant; \r\nor \r\n(c) re-appropriation. \r\n(2) The unspent portion of Authorized Expenditure shall lapse at the close \r\nof the relevant financial year. \r\n \r\n34. Withholding of appropriations .− (1) The Finance Department may, \r\nsuspend, withdraw, limit or place conditions on any budget appropr iation or other \r\nauthority issued by it if it is satisfied that such action is required by reason of a \r\nfinancial exigency or is in the public interest. \r\n(2) The effect of such decisions shall be incorporated in Revised Budget \r\nEstimates included as part of the subsequent Annual Budget Statement. \r\n \r\n35. Cash management .− (1) The Finance Department shall maintain Cash \r\nManagement Framework for effective cash management for the Government.  \r\n(2) The Framework shall include the following: \r\n(a) need, objectives, and constraints per taining to cash \r\nmanagement; \r\n(b) roles and responsibilities of relevant government units or offices, \r\nwithin or outside the Finance Department, pertaining to cash \r\nmanagement; \r\n(c) average cash balances to be maintained to meet liquidity needs \r\nof the Government; and \r\n(d) minimum period for which cash flow and liquidity projections \r\nshall be maintained.  \r\n(e) investment policy for prudent investment of cash balances in line \r\nwith the objectives and constraints pertaining to cash \r\nmanagement. \r\n \r\n36. Special Purpose Fund.− (1) A Specia l Purpose Fund may be established by \r\nthe Government.  \r\n(2) In case a Special Purpose Fund is neither a public corporation nor is \r\nowned by a public corporation: \r\n(a) the Fund shall be a part of the Public Account; \r\n(b) the moneys appropriated for the Fund shall be transfe rred to the \r\nbank account maintained in State Bank of Pakistan for the \r\npurpose of Public Account; \r\n(c) the Government shall notify the purpose of the Fund, the \r\nDepartment responsible for its management; \r\n(d) the Government may notify dissolution of a fund if it is sa tisfied \r\nthat either: \r\n \r\n \r\ni. the purpose for which the fund was established has been \r\nfully served; or \r\nii. it is in the public interest to dissolve the fund. \r\n(e) the Government shall approve Rules for management of Special \r\nPurpose Funds including the treatment of their assets and \r\nliabilities in case of dissolution; and \r\n(f) separate policies may be framed, in line with the Rules, in \r\nrespect of individual Funds. \r\n37. Fund Management Company .− (1) The Government shall set up a Fund \r\nManagement Company to manage all long-term funds established by the \r\nGovernment, or any not -for-profit entity owned or controlled by the Government, for \r\nvarious purposes such as pension funds, general provident funds,  endowment \r\nfunds, foundations etc. \r\n(2) The Fund Management Company shall be a Non -banking Finance \r\nCompany regulated by the Securities and Exchange Commission of Pakistan \r\n(SECP) and it shall obtain licenses to engage in Asset Management, Investment \r\nAdvisory and Pension Fund Management businesses. \r\n(3) The Finance Department shall be the  Administrative Department of the \r\nFund Management Company. \r\n(4) Any Department or not -for-profit entity responsible for oversight and \r\nmanagement of a long -term fund, shall enter into an Agreement with the Fund \r\nManagement Company for outsourcing of investment ma nagement services and the \r\nGovernment may approve a Master Agreement for this purpose which shall contain \r\ngeneral clauses and allow separate investment policy for each fund. \r\n \r\nCHAPTER VII \r\nACCOUNTING AND FINANCIAL REPORTING \r\n38. Accounts.− The Accounts of the Government shall be kept by the Auditor \r\nGeneral under Articles 169 and 170 of the Constitution.  \r\n \r\n39. Chief Finance and Accounts Officer .− (1) A Finance and Accounts Unit \r\nshall be established in each Department which shall be headed by a Chief Finance \r\nand Accounts Officer. \r\n(2) The Chief Finance and Accounts Officer shall be appointed on such \r\nterms and conditions as may be prescribed.  \r\n(3) The Finance and Accounts Unit shall: \r\n(a) prepare accounts and financial reports of the Department or a \r\nregular basis; \r\n(b) prepare the annual Budget of the Department; \r\n(c) prepare the internal controls manual of the Department in line \r\nwith the guidelines for internal controls issued by the Finance \r\nDepartment; \r\n \r\n \r\n(d) implement internal controls to ensure financial propriety in the \r\nDepartment; \r\n(e) coordinate with Auditor General of Pakistan for the purpose of \r\nAudit as mandated by the Constitution or any other law; and \r\n(f) perform any other function assigned by the Department. \r\n \r\n40. Internal Controls.− (1) The Finance Department shall issue Guidelines for \r\nInternal Controls in all Departments and other institutional units forming part of the \r\nGovernment. \r\n(2) Every Department shall prepare Internal Controls Manual containing \r\ninternal control processes and procedures and such Internal Controls Manual shall \r\nbe in accordan ce with the Guidelines of Internal Controls issued under subsection \r\n(1). \r\n \r\n41. Budget Execution Report .− (1) The Finance Department shall prepare a \r\nBudget Execution Report on semi -annual basis for first six months of the financial \r\nyear or the full financial year, as the case may be.  \r\n(2) The report shall contain: \r\n(a) comparison of budgeted versus actual figures of Revenue, \r\nExpenditure, Budget Balance and Net Borrowing / Net Lending \r\nand their important sub-categories;  \r\n(b) computation of variance of actual figures relati ve to the \r\nbudgeted figures; and \r\n(c) variance analysis containing explanation of the underlying \r\nfactors and developments contributing to the differences \r\nbetween actual and budget figures. \r\n(3) The Finance Department shall place the Report before the Government \r\nfor information and shall also publish it on its official website. \r\n(4) Timelines and process for preparation and publishing of the Report \r\nshall be as prescribed. \r\n \r\n42. Financial Reports .− (1) The Government shall maintain high standards of \r\ntransparency and international comparability in its Financial Reports. \r\n(2) The Finance Department shall issue Financial Reports on biannual \r\nbasis. \r\n(3) The Finance Department shall place the annual Financial Reports \r\nbefore the Government and subsequently publish these reports on its website. \r\n(4) Timelines and process for preparation and publishing of the Financial \r\nReports shall be as prescribed. \r\n(5) The Financial Reports published after three years of commencement of \r\nthis Act shall be in line with the international standards and guidelines laid down in \r\nGovernment Finance Statistics Manual. \r\n \r\n \r\n(6) The Finance Department shall, at least once in every five years, carry \r\nout an assessment of the quality of the financial reports and the underlying statistics \r\naccording to international Data Quality Assessment Framework.  \r\n \r\nCHAPTER VIII  \r\nPUBLIC CORPORATIONS \r\n43. Governance of public corporations.− (1) The Government shall constitute a \r\nCommittee for Governance of public corporations. \r\n(2) The Committee shall:  \r\n(a) prepare the policy for Governance of public corporations for \r\nconsideration and approval of the Government; \r\n(b) implement the Policy for Governance of Public Corporations; \r\nand \r\n(c) submit, within six months of the close of each financial year, an \r\nAnnual Report to the Government regarding the governance of \r\npublic corporations. \r\n(3) The Policy shall include the following: \r\n(a) criteria for establishment, dissolution, privatization or operation, \r\nof for-profit or not-for-profit basis, of Public Corporations; \r\n(b) criteria and process for appointment, removal and performance \r\nevaluation of directors on the governing bodies, such as Board \r\nof Directors, of Public Corporations; \r\n(c) principles and guidelines for human resource management \r\npolicies of Public Corporations; \r\n(d) principles and guidelines for performance management of Public \r\nCorporations; \r\n(e) standards and guidelines for compilation and reporting of \r\nconsolidated financial statements of various categories of, or all, \r\nPublic Corporations; and \r\n(f) principles and guidelines for identification, disclosure and \r\nmanagement of risks faced by Publ ic Corporations that have, or \r\nare likely to have, fiscal implications for the Government.  \r\n \r\n44. Corporate Finance Unit.− (1) The Corporate Finance Unit established in the \r\nFinance Department shall: \r\n(a) assist the Finance Department in evaluating requests of pub lic \r\ncorporations for financial support from the Government; \r\n(b) review audited reports of public corporations and monitor \r\ncompliance or redressal of audit observations and \r\nrecommendations by public corporations;  \r\n \r\n \r\n(c) prepare and implement a mechanism for monitorin g compliance \r\nof applicable laws, rules, regulations and policies by the public \r\ncorporations; \r\n(d) maintain electronic database of data contained in quarterly \r\nfinancial reports of public corporations and design and \r\nimplement a database management system for this purpose; \r\n(e) prepare annual consolidated financial reports of all public \r\ncorporations, and various categories thereof, in line with good \r\ninternational practice; and \r\n(f) perform any other function assigned to it by the Finance \r\nDepartment. \r\n(2) The Corporate Finance Unit may obtain such information from a public \r\ncorporation on such format and in such manner as the Unit may think fit for effective \r\nperformance of its functions under this Act.  \r\n \r\nCHAPTER IX \r\nMISCELLANEOUS \r\n45. Implementation.− (1) Within six months of commencement of this Act , the \r\nFinance Department shall prepare a plan for implementation of this Act.  \r\n(2) The plan shall ensure that the provisions of this Act are fully \r\nimplemented within three financial years following the year in which  this Act comes \r\ninto effect. \r\n(3) The Finance Department shall take all the steps including issuance of \r\nguidelines to other departments, necessary to execute the provisions of this Act. \r\n \r\n46. Indemnity.− No suit, prosecution or other legal proceedings shall lie against \r\nthe Government or any of its offices or officers for any act or omission done in good \r\nfaith under this Act or the Rules framed under, or validated by, this Act.  \r\n \r\n47. Removal of difficulty .−  If  any difficulty arises in giving effect to any of the \r\nprovisions of this Act, the Government may make such order, not inconsistent with \r\nthe provisions of this Act, as it may consider necessary for removal of such difficulty.  \r\n \r\n48. Power to make rules.− (1) The Government may, by notification in the official \r\nGazette, make rules for carrying out the purposes of this Act \r\n(2) The Treasury Single Account Rules shall be made within two year of \r\nthe commencement of this Act. \r\n(3) All existing rules, regulation s, policies, processes and procedures \r\npertaining to Public Financial Management shall continue in force until altered, \r\namended or repealed. \r\n(4) Without prejudice to the generality of subsection (3), the following rules \r\nand the manual shall remain valid, an d shall be deemed to have been made under \r\nthis: \r\n(a) the Punjab  Delegation of Financial Powers Rules, 2016; \r\n \r\n \r\n(b) the Treasury Rules (Punjab) and Subsidiary Treasury Rules; \r\n(c) the Punjab Financial Rules Vol. I and Vol II; \r\n(d) Departmental Financial Rules (relating to the P ublic Works and \r\nForest Department); and \r\n(e) the Punjab Budget Manual. \r\n \r\n49. Power to make regulations .− Subject to this Act and the rules, the Finance \r\nDepartment may, by notification in the official Gazette, make regulations for carrying \r\nout the purposes of this Act.  \r\n \r\n50. Overriding effect .− In the event of any conflict or inconsistency between a \r\nprovision of this Act and a provision of any othe r law, the provision of this Act shall \r\nprevail to the extent of such conflict or inconsistency.",
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