Henceforth no permission will be needed of the Finance division for releasing the necessary fund of the fourth installment of a project of the autonomous bodies. The concerned Project Directors(PD) will be able to release the fund.
The Finance Ministry has taken this measure to maintain the efficient financial management, for stability of debt, to keep the rate of interest and to keep the continuity of the liquidity, as told by the concerned source.
Finance Secretary Abdur Rouf Talukdar and Finance Minister AHM Mostofa Kamal have signed such a summary. In a circular of last April it was told that to get release of the fourth installment of the fund of the development project of the ministry the concerned PDs can release the fund.
It is learnt that the fund of any development project is generally released in four installments. For this reason there were mandatory rules of taking the approvals of the Finance ministry and the concerned ministry of the project. The object of this system was to ensure more transparency and accountability. The PDs were entrusted with the powers of releasing the fund of first and second installments from the July 1. But it required the administrative approval of the ministry for release of the fund of third installment.
But the PDs complained the slow pace of the projects and they are to face several hassles in getting fund. Under these circumstances the Finance division circulated an order about the release of the fourth installment.