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Business Recorder
10-05-2025
- Business
- Business Recorder
World Bank rates $118m KP project as ‘moderately satisfactory'
ISLAMABAD: The World Bank has rated the implementation progress of the 'Khyber Pakhtunkhwa Revenue Mobilization and Public Resource Management' project of around $118 million as moderately satisfactory. The project was approved in June 2019 with the development objective of increasing the collection of Khyber Pakhtunkhwa own source revenues and improve the management of public resources. The closing date of the project is end June 2026. Official documents revealed that the project became effective on June 18, 2019, with original closing date of 31 December 2024. However, the project delayed and the cost was revised to $110.85 million while the closing date to end June 2026. So far $96.36 million were disbursed while $19.05 million remained undisbursed. KP to allocate 100pc funds for near completion projects Progress towards achievement of project development objective is also rated as moderately satisfactory. The programme has recently made good implementation progress. The key achievements include efforts to improve cash management, digitising Urban Immovable Property Tax records in 10 cities, spending 82 per cent of Annual Development Funds on capital investments in fiscal year 2024, and rolling out the Financial Management Information System (FMIS) to 127 Tehsil municipal authorities. The operation support unit and shared services unit have been revamped, and plans have been revised to align with the programme's revised timeline. According to the bank documents, as per revised estimates, Khyber Pakhtunkhwa collected tax revenues of Rs56 billion from own sources in fiscal year 2024. Around 57 per cent of tax revenue was collected from sales tax, whereas, 25 per cent of tax revenue was collected from land revenue, stamp duty, property tax, and motor vehicle tax. Final audited numbers for tax revenue collection will be available by June 2025. The province's tax collections up to February 2025 was Rs36 billion or USD 129 million, against the target of USD 212 million. The provisional numbers for own source tax collections during fiscal year 2025 will be available by June 2025. Copyright Business Recorder, 2025
Saba Yemen
10-05-2025
- Business
- Saba Yemen
Training Course on AFMIS Financial System Kicks Off in Sana'a Governorate
Sana'a - Saba: The Finance Office in Sana'a Governorate launched a 10-day training course on the Financial Management Information System (AFMIS) targeting 42 trainees from finance staff and accounting unit managers across various districts. The course aims to qualify participants in using the automated financial system to enhance transparency and efficiency in financial operations while supporting the transition from manual to electronic systems. Finance Ministry officials explained the training consists of two phases covering practical applications including extracting financial data generating reports and processing checks electronically. This initiative comes as part of the ministry's digital transformation plan to modernize financial management systems in government institutions. The AFMIS system represents a key step toward achieving financial digitization and improving performance in public financial management. Whatsapp Telegram Email Print
