PAC flags billions in unaccounted funds

The Public Accounts Committee (PAC) on Tuesday scrutinised audit reports for the Economic Affairs Division and the Ministry of Foreign Affairs for the fiscal year 2023-24, showing significant financial irregularities. During the session, officials disclosed that the Economic Affairs Division had received a grant of Rs12.97 billion, with Rs122 million returned. The committee directed officials to address outstanding audit objections. It was further revealed that the division utilised an additional Rs46.19bn in the fiscal year 2022-23 due to exchange rate fluctuations. Secretary of Economic Affairs attributed this increase to currency depreciation.