Latest news with #appropriation
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First Post
21 hours ago
- Business
- First Post
Pakistan's budget built on borrowed money faces a reality check
The IMF has demanded stricter compliance with programme requirements, especially from the provincial governments in Pakistan, who are believed to have exceeded their development allocations for next year by almost $3 billion than the IMF's estimates read more The International Monetary Fund (IMF) has tightened scrutiny of Pakistan's budget appropriation amid final consultations. According to reports in Pakistani media, the IMF has demanded stricter compliance with programme requirements, especially from the provincial governments, who are believed to have exceeded their development allocations for next year by almost PKR 850 billion ($3 billion) than the IMF's estimates. The IMF has also directed the provinces to start levying tax on agricultural income by September this year. STORY CONTINUES BELOW THIS AD The fund has also reportedly expressed its displeasure over the government's plan to incentivise enhanced power consumption. IMF asks provinces to control expenditure Pakistani newspaper Dawn reported that the fund has asked the provincial governments to control expenditure, something that doesn't conform with expansionary development plans already approved by the National Economic Council (NEC). On the other hand, provinces have expressed their inability to provide a committed budget surplus this year, citing the Centre's revenue shortfall. Pakistan's crypto mining project in a fix Additionally, the IMF has asked the Pakistani government to continue cost-cutting efforts to stabilise the power sector and provide a level playing field to all. It means that Pakistan's move to allocate 2000MW of electricity to crypto farming at a much cheaper rate (PKR 8-9 per unit) than unit base rate (PKR 25 per unit) may face hurdles. The IMF is against Punjab's plan to provide subsidies for electricity and gas next year, as it did this year. The IMF wants joint efforts to tackle electricity and gas theft and smuggling to reduce financial losses and tax evasion. Provinces will need to streamline their departments next year to align with similar federal efforts this year. IMF's ultimatum to Pakistan This follows the IMF's ultimatum last month on how Islamabad should use the $1 billion aid package it provided. IMF Communication Director Julie Kozack stated that Pakistan has met all the requirements to receive the aid package. However, she emphasised that the funds are strictly to address balance of payments issues and cannot be used for budget financing or other sectors. 'In the case of Pakistan, and this is my second point, the EFF disbursements, all of the disbursements received under the EFF, are allocated to the reserves of the central bank. So, those disbursements are at the central bank, and under the program, those resources are not part of budget financing. They are not transferred to the government to support the budget,' Kozack said. STORY CONTINUES BELOW THIS AD IMF's aid to Pakistan has drawn criticism from New Delhi of late. During the military escalation between the two nuclear-powered nations, India requested the IMF to reassess the bailout, citing Pakistan's allowance of its territory for state-sponsored terrorist activities against Indian citizens. Defence Minister Rajnath Singh recently described the aid as 'indirect funding to terror' and warned international organisations, including the IMF, to reevaluate their decisions to aid Pakistan. The IMF has provided Pakistan with $2.1 billion in two instalments under its Extended Fund Facility (EFF) programme. The instalments are part of a $7 billion agreement signed with Pakistan last year.
Yahoo
2 days ago
- Business
- Yahoo
New funding for private school vouchers will ‘set precedent' for future Missouri budgets
Gov. Mike Kehoe announces a plan to give state funding to the MOScholars program during his State of the State speech Jan. 28 in the Missouri House chamber (Annelise Hanshaw/Missouri Independent). Gov. Mike Kehoe's first budget proposal launched a tug of war between public-school advocates and those hoping to use state funds for private education. Both sides ultimately came away with what they wanted — but neither expects this to be the final showdown. State Treasurer Vivek Malek, who oversees the state's tax-credit scholarship program, told The Independent in an interview last week that he expects to more than double the number of scholarships administered by MOScholars in the upcoming school year. Those students would have a 'reasonable expectation,' he said, to be funded through graduation. And if donor funds continue to come up short, state funds would be required to support them. In January, Kehoe laid out a budget that did not fully fund public education while giving state funds for private-school scholarships. His request cut back $300 for the formula that determines state aid for public schools, contrary to the state education department's recommendation. But he added a $50 million appropriation to the State Treasurer's budget to help fund private-school scholarships through the MOScholars program. This windfall was not part of the treasurer's initial request. 'The governor made a policy or a budgetary decision to invest in one form of education and not fully invest in the other,' said state Rep. Betsy Fogle, a Democrat from Springfield and ranking minority member of the House Budget Committee. The House kept the governor's recommendations, and the Senate flipped the two priorities: restoring full funding to public schools but axing the $50 million for MOScholars. In May, state lawmakers reached an agreement to fund both and are awaiting the governor's signature. But the infusion of funds to MOScholars is likely to create more need in the program. Malek said he expects to use the $50 million to offer more scholarships than the current pot of donations could provide. There are 6,000 students ready to participate in the upcoming year, and he expects more to sign up. This past year, 2,700 students received scholarships. Malek hopes to make MOScholars self-sufficient, with enough donations to meet demand. But until then, he will request funds to, at a minimum, sustain aid for students already enrolled. 'I'll be working through the years to make sure the tax credits are still utilized and nobody is depending on a direct appropriation from (general revenue),' he said. Fogle told The Independent that the $50 million did not appear to be a one-time request. 'The $50 million that was put in general revenue was done, in part, because the tax credit program wasn't very popular, and donors weren't giving to that,' she contends. 'And the governor wanted to figure out another solution to privatizing education.' MOScholars currently operates through taxpayer-directed spending, where state funds are given to scholarship organizations through donations that receive a 100% tax credit. The program has faced issues funding scholarships each fall with the majority of donations coming at the end of the year. An additional $50 million — more than double the amount of donations received last year — would solve the funding lag, Malek said. 'Our calendars were misaligned, so now we will be opening (enrollment) up for next year, starting early in the fall so that people can sign up for next year's academic school year,' he said. 'This will give us the flexibility of doing that, which was not possible before.' The program has a $75 million expandable cap thanks to a large education package passed last year. State Rep. Stephanie Hein, a Springfield Democrat, said during debate in April that she wondered why the legislature expanded the donation limit from $50 million to $75 million when there have been $23.4 million in donations in 2024. In 2023, donations totaled $16.6 million. 'Donors just are not that excited to give to this program, even at a 100% tax credit,' she said. The program is in its infancy, with just three years of scholarships completed. The increased funding could help grow MOScholars to meet outsized demand — or it could create dependency on general revenue. Hein said this problem would be exacerbated by tax cutbacks planned by Republican state lawmakers. 'We are setting a precedent,' she said. 'And if we eliminate state income taxes, tax credits go away and we are going to be on the hook with (general revenue) to cover this program.' Even if the appropriation is signed by the governor, it might face legal challenges as some question the constitutionality of using general revenue for MOScholars. The 2021 law that established MOScholars prescribes that scholarships are funded by tax-deductible donations to educational assistance organizations, which are nonprofits that apply to administer the scholarships. But 2% of donations are directed to an account dubbed the 'Missouri Empowerment Scholarship Accounts Fund' overseen by the Treasurer's Office. The fund is 'to be used by the state treasurer for marketing and administrative expenses or the costs incurred in administering the program.' Some believe the law does not authorize the program to use general revenue. Fogle expects legal 'challenges that argue that directly appropriating tax dollars to private schools is unconstitutional.' 'The direct appropriation of general revenue is a completely different foundation than the tax credit,' she said. 'There are people on both sides of the aisle, whether they're voting in favor of it or not, who have considerable doubts and concerns.' Malek did not speculate on the possibility of a lawsuit. 'We will deal with it and when that happens, we will defer that to our general counsel, the attorney general,' he said. 'I cannot predict which course it will take.' Malek says MOScholars is 'another tool' for educating children, in addition to the public school system. 'I don't see why people would be nervous. This is not taking away any funding dollars from our traditional educational institutions,' he said. As State Treasurer, Malek was not part of the governor's decision on public-education funding and considers himself a 'big proponent of public schools.' 'My focus was just for the MOScholars program,' he said. 'We need some help to strengthen this program… and I'm glad that need was listened to.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Black America Web
3 days ago
- Business
- Black America Web
Famous Figures Who Got Charged with PPP Loan Fraud
Source: Paul Archuleta / Getty The Paycheck Protection Program was meant to help small businesses survive the pandemic. Instead, some well-known names used it to cash in. And a lot of them got caught. When COVID-19 shut the country down, the U.S. government launched the PPP to keep workers paid and businesses afloat. But the fast rollout came with little oversight. That gap created an opening. Scammers jumped in. Among them? Some famous faces who saw an opportunity to cheat the system. Federal investigators tracked down hundreds of fraudsters. Many quietly settled. Others made headlines. In addition to the list below, high-profile musicians Lil Wayne and Chris Brown did find themselves wrapped in scrutiny surrounding the appropriation of their COVID-19 relief funds. Though they certainly weren't the only ones. Lil Wayne Lil Wayne's company, Young Money Touring Inc., received an $8.9 million SVOG grant intended to support live entertainment businesses impacted by the pandemic. Reports indicate that the funds were used for various personal expenses, including: Over $1.3 million on private jet flights More than $460,000 on designer clothing Approximately $2 million to settle a debt with his former manager Nearly $88,000 billed for a canceled New Year's Eve performance While these expenditures have raised questions about the appropriate use of relief funds, there have been no formal charges filed against Lil Wayne regarding PPP loan fraud. Chris Brown Chris Brown's touring company, CBE Touring, reportedly secured a $10 million SVOG grant. Allegations suggest that Brown personally received $5.1 million of this amount and spent nearly $80,000 on a lavish birthday party, which included expenses for models, an LED dance floor, and other luxury items. Despite public criticism over the use of these funds, Chris Brown has not been charged with any crimes related to PPP loan fraud. From reality TV stars to pro athletes and social media influencers, these high-profile figures now face criminal charges, massive fines, or even prison time. Their cases raise big questions: How did they slip through? Who helped them? And what comes next? Here's a breakdown of the most notorious celebrity PPP fraud cases. And how each one unraveled. Supreme Court Blocks Order To Rehire Federal Workers Why Iman Shumpert Is Asking The Court to Jail Teyana Taylor Offset Seeks Spousal Support From Cardi B in Ongoing Divorce Famous Figures Who Got Charged with PPP Loan Fraud was originally published on Reality TV stars from Chrisley Knows Best , convicted in 2022 of defrauding banks out of over $30 million and evading taxes. A pastor from Raleigh, North Carolina, Mitchell Summerfield pleaded guilty to conspiracy to commit bank and wire fraud after securing over $400,000 in fraudulent PPP loans. Known from Love & Hip Hop: Atlanta , sentenced to over 17 years for bank fraud after misusing over $2 million in PPP funds on luxury items and a Ponzi scheme. Former NFL player, sentenced to over three years in prison for illegally receiving over $1 million in COVID-19 relief money. Member of the R&B group Pretty Ricky, sentenced to 20 months in prison for his role in a $24 million COVID-19 relief fraud scheme. Former Olympic speed skater, convicted of fraudulently applying for $10 million in PPP loans for a film production company with no employees. Former lawyer, served time for PPP loan fraud after falsely claiming expenses for a nonprofit organization. Miami man, charged with fraudulently obtaining $3.9 million in PPP loans and using the funds to buy luxury items. Houston man, sentenced to over nine years in prison for obtaining over $1.6 million in PPP loans and spending on personal expenses. Leader of a Los Angeles-based fraud ring, sentenced to 17 years for stealing $18 million in PPP funds. Member of the same fraud ring as Ayvazyan, sentenced to over 10 years for her role in the scheme. Also part of the Los Angeles fraud ring, sentenced to six years in prison for PPP loan fraud. Former TV news anchor indicted alongside her husband for allegedly submitting false PPP loan applications, obtaining $300,000 personally, and profiting nearly $300 million through their company, Blueacorn. Charlotte City Council member indicted for fraudulently obtaining over $124,000 in federal COVID-19 relief funds through the PPP and EIDL programs. Former Assistant Atlanta City Attorney and police officer charged with conspiracy to commit wire fraud and money laundering after allegedly obtaining over $7 million in PPP loan funds. Former Kansas state legislator sentenced to 27 months in federal prison for fraudulently obtaining COVID-19 relief funds through the PPP and EIDL programs. Black America Web Featured Video CLOSE
Scoop
4 days ago
- Business
- Scoop
WorkSafe Makes Significant Shift To Rebalance Its Activities, Launches Road Cone Hotline
Press Release – New Zealand Government The tipline will be complemented by a joint engagement programme by WorkSafe with NZTA and key industry stakeholders, educating those involved with temporary traffic management to adopt a risk-based approach. Minister for Workplace Relations and Safety As part of a broader suite of health and safety reforms, the Government has agreed to a range of changes that will significantly refocus WorkSafe from an enforcement agency to one that engages early to support businesses and individuals to manage their critical risks, Workplace Relations and Safety Minister Brooke van Velden says. 'During my public consultation, I heard many concerns from a wide range of Kiwi businesses and workers about WorkSafe's inconsistency, culture and lack of guidance. It was a constant theme on the roadshow from all parts of the country. 'I have listened to these concerns and today I am sharpening the focus of WorkSafe to change the culture of the agency. For too long, businesses and employers have asked for more guidance and help from WorkSafe on how to comply with health and safety legislation, only to be told it's not WorkSafe's job. 'A culture where the regulator is feared for its punitive actions rather than appreciated for its ability to provide clear and consistent guidance is not conducive to positive outcomes in the workplace. 'Changes begin with today's launch of WorkSafe's road cone tipline to look into and provide guidance on instances of over-compliance in temporary traffic management,' says Ms van Velden. The tipline will be complemented by a joint engagement programme by WorkSafe with NZTA and key industry stakeholders, educating those involved with temporary traffic management to adopt a risk-based approach. 'In addition, WorkSafe has started slashing outdated guidance documents from its website and will be updating guidance where necessary. Fifty documents have already been removed and more will follow. These documents were identified as being no longer relevant, not reflecting current practice and technology, or containing content that is covered by other more up-to-date guidance. Removing and replacing outdated guidance will make it much easier for people to find the help they're looking for and ensures WorkSafe is giving consistent and clear advice. 'I will also restructure WorkSafe's appropriation to increase fiscal transparency and support delivery of my expectations. 'For some time, WorkSafe has struggled to effectively articulate the cost and effectiveness of its activities, making it difficult to monitor and assess the value of activities or the merit of requests for further funding. 'To address this, I will split WorkSafe's appropriation into four new categories Supporting work health and safety practice Enforcing work health and safety compliance Authorising and monitoring work health and safety activities, and Energy safety. 'This change will come into effect later this year and will provide a clear framework that focuses WorkSafe through change in culture and expectations,' says Ms van Velden. 'I want to make sure that the public receives a better experience in their everyday interactions with WorkSafe. The public will be able to provide feedback on the timeliness and effectiveness of WorkSafe's guidance, inspections and other engagements. I expect this will promote continuous improvement,' says Ms van Velden. A Letter of Expectations has been sent to WorkSafe formalising the Minister's expectations of WorkSafe. 'I want to thank WorkSafe's Board, Chief Executive and staff for acknowledging the work ahead, making WorkSafe's work programme fit for purpose,' says Ms van Velden.
Time of India
24-05-2025
- Politics
- Time of India
After Atishi's objection, speaker affirms Delhi Assembly panel can examine CAG reports
New Delhi: Days after leader of the opposition Atishi questioned the powers of the public accounts committee (PAC) to examine the reports of Comptroller and Auditor General, speaker Vijender Gupta said any irregularity that might have caused a loss to the exchequer could be examined by the assembly, which sanctioned it, and the panel was its extension. In a letter to the former chief minister, Gupta referred to Practice and Procedure in Parliament, a treatise that summarises the main functions of PAC, and said the committee "examines cases involving losses, nugatory expenditure and financial irregularities". He added that PAC was an extension of the assembly, which examines all such issues. Atishi wrote to the speaker earlier this month, stating that PAC of Delhi Assembly cannot examine the three CAG reports on liquor supply, public health and vehicular air pollution, which were tabled in the house during the first session after the formation of BJP govt and were referred to the panel after a discussion among the MLAs. The AAP functionary also mentioned in her letter that following the amendment of GNCTD Act, the assembly couldn't make any rule to enable itself or its committees to consider the day-to-day administration of the capital or conduct inquiries in relation to administrative decisions. "For all practical purposes, this amendment takes away all powers of assembly committees," Atishi claimed. She added that the rules of procedure and conduct of business in National Capital Territory of Delhi also limited the roles of PAC to the examination of appropriation of accounts of the capital and CAG reports thereon. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scalable retail: Video analytics firm enables more traffic thanks to robust computing power - Google Cloud: Future of Infrastructure CIO | Google Cloud, AMD Undo "However, the three reports currently before PAC are not regarding appropriation accounts of NCT of Delhi. In fact, these reports concern themselves with policy matters and day-to-day administrative decisions taken by NCT of Delhi," the Kalkaji MLA said in her letter, adding that the CAG reports couldn't be "examined, inquired into, and a report prepared on them, when GNCTD Act expressly forbids" it. Responding to the letter, Gupta said Atishi's interpretation of the rules was "bereft of any merit". "In fact, it is the constitutional obligation of the CAG to present its reports to the assembly and for PAC and COGU (committee on govt undertakings) to examine it. Any irregularity, which has caused or may have caused loss to the exchequer, can be examined by the assembly, which sanctioned it," the speaker wrote. He added that the rules of procedure also empowered all committees to "examine and submit" reports on matters that were not directly connected. "The committees will dutifully dispose of their legislative obligations as laid down by the Constitution. The existing powers of the committees, within the boundaries of the Constitution and GNCTD Act, are sufficient to fulfil their duties, and there need be no apprehension that the committee will be handicapped in its working," Gupta stated in the letter.
