Hi Femmy john
Repiles from others r right. Let me add few from my side.
As per screen shot , you r able to release project without assiging budget.
and PR/ PO is allowed w.r.t project..(Standard)
Now you need to assign buget befre getting project release.
It can be cntrolled by User status and Abap Help.
once it is done system will not allow to relase project before budget assignment in CJ30.
Once budget is assigned to prject then relase your project then create PR/PO
I hope it will help
Thanks
Rahul