By Rafiq Vayani
KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountant of Pakistan (ICMA Pakistan) will jointly host the 3rd Financial Reform for Economic Development (FRED) Forum today (Monday) in a local hotel here. The forum will attract professionals from over 30 countries throughout Asia.
FRED forum started as a joint initiative of the World Bank and the Confederation of Asian and Pacific Accountants (CAPA), under the support and endorsement of International Federation of Accountants (IFAC). The partnership has subsequently embraced the South Asian Federation of Accountants (SAFA) and the ASEAN Federation of Accountants (AFA) in order to deliver FRED throughout the region. The 1st and 2nd FRED Forums were held in Sri Lanka and Malaysia, respectively.
To share details about FRED Forum 2018, President ICAP Riaz A. Rehman Chamdia and President ICMA Pakistan Zia ul Mustafa Awan held a briefing here at Marriott hotel on Sunday 23rd September,. They briefed journalists about its significance, along with the implications it holds specifically in Pakistan and South Asia in general.
After the 2030 agenda for sustainable development adopted on 25 September 2015 by Heads of State and Government at a special UN summit, the discussion on development finance has reached new heights. There is a realization that the world needs a new architecture for development finance. Additionally, it needs a global change of mindsets, approaches and accountabilities. Today, many governments seek the private sector’s help to advance their development goals, told President ICAP Riaz A. Rehman Chamdia.
The theme of the forum this year is ‘Maximizing Private Sector Finance and Solutions – Role of the Accountancy Profession’. This FRED III forum is a continuation of FRED II, which probed into ways of strengthening public financial management, as an essential pillar to create conditions conducive to the flow of private capital (domestic and foreign) into productive investments and to reduce illicit financial flows, he informed.
FRED Forum will explore how the accountancy profession is gearing up to meet the new demands of the augmented role of the private sector in providing finance and solutions for development. Four Plenary sessions on Private Sector Investments for Development, Building Investor Trust through Effective Public Sector Institutions and Regional Priorities will be conducted, Riaz A. Rehman Chamdia added.
Eminent speakers of the forum include James A. Brumby, Director Governance Global Practice, World Bank, Dr. Cao Dat Khoa, Director of the Capital Management department, Dr. PVS Jagan Mohan Rao, Vice President SAFA, Francis Cyril, ASEAN Manager IIRC / Partner, Audit & Assurance, BDO Kuala Lumpur, Manil Jayasinghe, Partner E&Y, SriLanka, told President ICMA Pakistan Zia ul Mustafa Awan.
The SAFA President Dr. Suvod Kumar Karn will share the forum objectives outlining the role he hopes FRED will play in future economic reforms and in supporting the participating countries in devising solutions for further development. The forum is expected to provide a platform for professionals from both the public and private sector to share expertise, expand knowledge, and build their social network, he concluded.