By Abdul Ghani

The Finance Division has proposed a cumulative allocation of Rs3.407 billion for the fiscal year 2026-27 for its ongoing development projects, reports Wealth Pakistan. According to official project-wise details, the total cost of six major projects under the Finance Division stands at Rs38.35 billion, out of which Rs24.68 billion has already been spent up to June 30, 2025.

Among the projects, the Modernization and Upgradation of Pakistan Mint Phase-II-A, Lahore has emerged as one of the most capital-intensive initiatives. With a total cost of Rs2.479 billion, the project has so far incurred an expenditure of Rs961.815 million. For FY2026-27, the Division has proposed a substantial allocation of Rs1.464 billion, indicating accelerated work in the coming fiscal year.

Another major allocation has been proposed for the Pakistan Audit & Accounts Academy (PAAA), Islamabad, which has a total cost of Rs1.5 billion. The Academy has already utilized Rs1.473 billion, while Rs330 million was allocated and fully released during FY2025-26 up to the third quarter (Q3). For FY2026-27, the proposed allocation stands at Rs995.65 million, suggesting continued investment in strengthening the audit and financial management capacity.

The Implementation and Mainstreaming of Audit Management Information System (AMIS) project, with a total cost of Rs1.003 billion, has recorded expenditures of Rs834.842 million so far. Against an allocation of Rs164.58 million for FY2025-26, Rs98.749 million has been released up to the third quarter. For the next fiscal year, Rs113.088 million has been proposed to complete and consolidate the system.

Similarly, the Implementation of Online Billing Solution (Sehal) under the Public Financial Management Reforms, costing Rs1.742 billion, has already utilized Rs1.288 billion. With Rs50 million allocated in FY2025-26 and Rs30 million released up to Q3, the Division has sought Rs387.004 million for FY2026-27 to scale up digital billing reforms.

The Women Inclusive Finance initiative, one of the largest projects in financial terms, carries a total cost of Rs31.413 billion, of which Rs20 billion has been spent. While Rs100 million was allocated for FY2025-26, no releases were made up to the third quarter. For FY2026-27, the Finance Division has proposed Rs447.1 million, signalling renewed focus on gender-inclusive financial access.

Meanwhile, the Capacity Building of Finance Division for Implementation of PFM Policy in Federal Government, with a total cost of Rs213.906 million, has utilized Rs120.574 million. Despite an allocation of Rs57 million and releases of Rs40.656 million in FY2025-26, no fresh allocation has been proposed for FY2026-27, suggesting the project is likely approaching completion.

Overall, the Finance Division has secured an allocation of Rs851.580 million for FY2025-26, out of which Rs551.905 million has been released up to the third quarter. The proposed Rs3.407 billion for FY2026-27 reflects a significant upward revision, pointing towards intensified efforts to modernize financial infrastructure, strengthen audit institutions, and expand inclusive finance initiatives in the upcoming fiscal year. The proposed allocations will now be subject to approval in the forthcoming federal budget process.

Credit: INP-WealthPk