Karachi: Public Finance Management (PFM) is a vital component of self-determined and sustainable development of any country. Through a country’s budget, development strategies are put into practice. The transparent management of these budgets is an integral part of good governance and democratic accountability.
The Institute of Chartered Accountants of Pakistan (ICAP) since its establishment continues to contribute to the development of best finance practices and corporate governance in the country. The Institute also takes keen interest in development strategies of government of Pakistan and is always committed to play its role for providing technical assistance and support to the government.
One of the very significant steps taken by developing economies around the globe, to strengthen themselves, is to invest in PFM which is an essential part of the development process. Sound PFM supports aggregate control, prioritization, accountability and efficiency in the management of public resources and delivery of services, which are critical to the achievement of public policy objectives.
In addition, sound public financial management systems are fundamental to the appropriate use and effectiveness of funds from donor agencies and Foreign Direct Investment, since investment/aid is increasingly provided through modalities that rely on well-functioning systems for budget development, execution and control. ICAP has taken this important initiative to demonstrate to people, both local and foreign and from different walks of life, that we realize the importance of PFM and are willing to introduce it to make public sector financial management more efficient, accountable and thus more reliable.
To make PFM a largely acceptable idea and to increase awareness regarding its importance, ICAP has organized a two days “Conference on Public Financial Management” on November 24, 25 2014 at Serena Islamabad in collaboration with World Bank and USAID.
“Evolve and Emerge” – the theme of ICAP’s forthcoming conference depicts the journey of Public Financial Management as an essential part of the development process around the world. The conference will showcase eminent speakers from Pakistan and around the world, who will share their experiences and divulge how Public Financial Management has evolved and emerged into perhaps one critical factor for growth and sustainability.
Prime Minister and Finance Minister of Pakistan are expected to attend the event along with other ministers and members of Public Accounts Committee. Speakers from IFAC, World Bank, CIPFA , SAFA , PIPRA and ICAP are scheduled to address the conference. Many renowned experts in the field will also share their thoughts and experiences.
This conference presents a unique opportunity to the accountant fraternity as it brings together thought leaders, innovators and those who have created difference in the area of Public Financial Management.