The Ministry of Finance has removed the requirement for a budget or fund guarantee 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, the language in paragraph 1 (1)(b), which previously required budgetary coverage and guarantee of funds for projects, has been deleted.
Similarly, the clause in paragraph 1(j) stating that budgetary allocations in the Estimates (BO/NIS) and furnishing of relevant documents were mandatory has also been deleted.
Additionally, a new paragraph, 1(d), has been added, clarifying 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 said the changes aim to strengthen transparency and improve financial management of project funds. The updated guidelines are effective immediately.
