Major Financial Irregularities Uncovered at Port Qasim Authority
In recent news from Islamabad, a subcommittee of the Public Accounts Committee (PAC) has raised eyebrows with shocking discoveries regarding the financial operations of the Port Qasim Authority (PQA). During a meeting led by Convener Moin Amir Pirzada, audit officials revealed that the PQA had made unauthorized expenditures totaling a staggering Rs185 billion during the 2019-20 and 2020-21 fiscal years.
What’s particularly concerning is that these expenditures were made without the approval required from the federal government, clearly breaching established rules. Such large-scale financial irregularities paint a worrying picture of governance and oversight at the PQA.
The maritime affairs secretary explained that the issue stems from a previous practice wherein the PQA prepared its own annual budget, which would then be approved by its board. However, this doesn’t excuse the lapses in compliance that led to unauthorized spending. During the meeting, the chair stressed the importance of accountability and directed a comprehensive audit to fully understand the scope and implications of these financial missteps.
This situation highlights the crucial need for transparency and adherence to financial regulations in public institutions. As citizens, we deserve to know that our resources are being managed responsibly. The upcoming audit will be essential in fostering accountability and ensuring that such discrepancies do not occur in the future.
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