The government of Pakistan has moved the Central Directorate of National Savings (CDNS) from budget wing to the Debt Management Office (DMO).
The Ministry of Finance has transferred the business operations of the CDNS from the budget to the debt management office.
The new office also works under the Finance Division, and the transfer will come into effect immediately.
As per the official notification issued by the Finance Ministry, the implementation of the decision has been in effect from the last month.
The National Savings will now follow the policies, operations and administrative functions under the Debt Management Office.
The major decision was made following the recommendations by the committee to the Federal Minster of Finance, Muhammad Aurangzeb, and the advisor to the Finance Minister on Debt, Khurram Schehzad.
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The committee gave these recommendations after observing the overall operations of CDNS.
The transfer of the National Savings will improve its efficiency and effectiveness, said the Ministry of Finance.
The budget wing is basically responsible for the annual federal budget preparation, and managing its expenditures.
On the other hand, the debt management office tackles the management of government debt.
And the National Savings provides a platform to the public to save their amount. The government collects public funds through introducing various saving schemes, and investment methods.
The notification clearly states that the transfer of the National Savings to a new branch/ office was approved by the Finance Secretary, Imdad Ullah Bosal.
While after the consultation with the concerned departments, job descriptions for the current employees may update as there will be new policies to follow.
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