Section 44, The Public Financial Management Act, 2016

(1) Payments of expenditures of a budgetary agency onaccount of a financial year shall be made before January 1st of the following financial year: Provided that the expenditures on account of a financial year shall be committed by the end of the financial year. (2) Revenues of a budgetary agency on account of a financial year shall be collected before January 1st of the following financial year. (3) Expenditures and revenues of a budgetary agency which are paid or collected after the date specified in subsections (1) and (2) shall be treated as revenues and expenditures on account of the following financial year and met by the following financial year’s appropriations. (4) The Minister shall issue regulations necessary for