PROCEDURE FOR MAINTENANCE AND OPERATION OF REVOLVING FUND ACCOUNTS

No.F.2(4)-B.S/2000-1146
GOVERNMENT OF PAKISTAN
FINANCE DIVISION
(BUDGET STATISTICS SECTION)
*************
Islamabad, November 25, 2002

OFFICE MEMORANDUM

Subject: NEW PROCEDURE FOR THE MAINTENANCE AND OPERATION OF
REVOLVING FUND ACCOUNTS OPENDED FOR IDA, IBRD, AND ADB CREDITS/LOANS.

The undersigned is directed to refer to this Division’s O.M. No.F.2(3)-B.S/84-93, dated 23-10-1993 and to say that a new foreign aid Accounting Procedure for donors share of financing have been
devised (copy enclosed). The new Procedure would be applicable to the projects accounts opened after 1st December2002.2000-1146, dated 25-11-2002 on the subject noted above. It has been observed
2. The Executing Agencies for the ongoing projects shall be responsible to submit monthly classified account of expenditure (function and object-wise) to the concerned A.G./AGPR by the 10th of
the following month with advice to adjust the same against their Budget Demand.

(Talib Hussain Baloch)
Deputy Secretary (BR)

ANNEX TO FINANCE DIVISION O.M. NO.F.2(4)-B.S./2000-1146, DATED 25-11-2002

Government of Pakistan
Finance Division
(Budget Statistics Section)
********
Subject: NEW PROCEDURE FOR THE MAINTENANCE AND OPERATION OF
REVOLVING FUND ACCOUNTS OPENED FOR IDA, IBRD AND ADB CREDITS/LOANS.

(I) Revolving Fund Accounts under IDA, IBRD and ADB Credits/Loans Agreements shall be opened at National Bank of Pakistan separately for the donor’s share of financing and for Government’s share of financing. Such Accounts shall be in the nature of Assignment
Accounts. The payments from the accounts shall be effected through
Cheques/Authorities issued by the persons authorized to sign Withdrawal Applications.
The Assignment Accounts (Revolving Fund Accounts) for Donor’s share of financing shall be in dollars and for Government’s share of financing in rupees. Both the Accounts shall be lapsable. However, the lapsed balances in one year will be protected in the next year’s allocations.
(II) Separate Revolving Fund Accounts shall be opened for each of the Credits or loans and for each Project Director/person authorized to sign Withdrawal Applications.
(III) National Bank of Pakistan shall be the designated Bank for handling all transactions out of Revolving Fund Accounts. The credits into and payments out of ‘Revolving Fund Accounts’ in Dollars shall be transcribed into Rupees at the SBP weighted average
buying rate of exchange prevailing on the date of transfer of funds by the Lenders or on the date of payments to the payees.

Download Complete: NEW PROCEDURE FOR THE MAINTENANCE AND OPERATION OF REVOLVING FUND ACCOUNTS OPENDED FOR IDA, IBRD, AND ADB CREDITS/LOANS.
Source: www.finance.gov.pk

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