ISLAMABAD: Financial experts said that managing public money effectively can help all areas of government activities including effective resource allocation, policy making, fight against corruption, better services and outcomes to improve the lives of people.
To encourage and sustain the economic growth of any country, there is a need to have a well designed public financial management system and PFM institutes from the perspective of transparency, accountability, responsiveness, cost effectives, adaptability, and all. The public financial management is the integral part of the governance.
They were addressing at third Public Finance Management conference organized by the Institute of Chartered Accountants of Pakistan (ICAP) in conjunction with the CIPFA in Islamabad at a local hotel.
The conference Good Governance – Helping Deliver Better Public Services was attended by more than 400 professionals from the fraternity of finance and business. The PFM conference over the years has emerged as a strong platform where professionals in business, public sector and industry meet to explore, confront, thrash out solution to meet the challenges of PFM.
The aim of the conference was to showcase how good governance and strong Public Financial Management can underpin all facets of public sector activity around the world and also in Pakistan
President ICAP Riaz Rehman Chamdia in his introductory remarks stated that managing public money effectively can help all areas of government activities including effective resource allocation, policy making, fight against corruption, better services and outcomes to improve the lives of people. The aim of the conference is to showcase how good governance and strong Public Financial Management can underpin all facets of public sector activity around the world and also in Pakistan.
To encourage and sustain the economic growth of any country, there is a need to have a well designed public financial management system and PFM institutes from the perspective of transparency, accountability, responsiveness, cost effectives, adaptability, and all. The public financial management is the integral part of the governance. Sound PFM support, aggregate control, privatization, transparency, economic growth and efficiency in the management of public resources and delivery of services which are very critical to achievement of public policy objectives of any government of country. So good governance is about having national institutions that may take fair and appropriate decisions about how a country is governed and effective system is in place, he told.
Riaz A. Rehman Chamdia said that a capable public service is essential for creating a favorable climate in any country and facilitates public private participation in the service delivery. So in Pakistan, public delivery system has acquired a milestone with the support of the World Bank funded project PIFRA. Private public partnerships are one of the most effective vehicles in the public service delivery which in turn increase the growth and create jobs leading to the reduction in poverty. In Pakistan, Public private partnerships in various projects are emerging and creating value addition to the national economy in most of the provinces, he added.
Chairman PFM Conference committee, Rashid Ibrahim highlighted the theme of PFM Conference and the recommendation emerged from that conference for the Government of Pakistan. He said PFM is essential for better management, scrutiny of government, macroeconomic stability, effective use of available resources and reduction in poverty. Better PFM will present much needed boost to the economy.
Partnerships are crucial. Auditor general, controller general, ministry of finance, parliamentarians and civil society organizations all need to work in cohesion. Important institutions need to improve their skills and capacities. Instigate strong political will for the development of effective public financial management, he added.
Andrew Burns, President CIPFA introducing his organization, told that it is an international professional body for people working in public finance or members in training throughout the public services, national organizations, major accountancy firms, the local bodies where public money needs to be effectively managed. It began more than 130 years ago in 1885.
He said that world governments has crucial role to play implementing fairness and peace in order in giving services and controlling public assets. All of which are focusing in wellbeing of citizens not just on generating profits. They must fulfill a wide range of functions including political, economic, environment and socio challenges, he added.
Appreciating role of ICAP, Andrew Burns said that institute is playing a pivotal role to develop linkages and relationships between government and public sector bodies.
He delivered his key note speech on the topic of Good Governance – Helping Deliver Better Public Services for citizens.
First panel discussion was conducted by Asad Ali Shah, Senior Partner Deloitte. Public Private Partnership in Pakistan was the topic of the panel discussion in which speakers shed light on role of provincial government in exploring the potential for private alliances to support public sector education, health and infrastructure etc. Iftikhar Ali Sahoo, Secretary Planning and Development Punjab, Ali Subtain, PPP unit Sindh, Zahir Shah, Secretary Planning and Development KPK, Salman Amin, Executive Director, NEPRA and Andrew Burns, President CIPFA were the panelists. News Desk