The Ministry of Finance has removed the requirement for a budget or guarantee of funds to open revolving fund accounts for projects.
This change follows an amendment to the office memorandum issued on August 4, 2022, which has now been officially notified.
According to the revised memorandum, language has been removed from paragraph 1(1)(b), which previously required budget coverage and a funding guarantee for projects.
Similarly, the clause in paragraph 1 (j), which states that budget allocations in budget estimates (BO/NIS) and submission of relevant documents were mandatory, has also been removed.
Additionally, a new paragraph, 1(d), has been added which specifies that no payment will be made from the revolving fund account unless the required amount is allocated in the project budget.
The Ministry of Finance stated that these changes are aimed at increasing transparency and improving financial management of project funds. The updated guidelines take effect immediately.
