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, prioritisation, 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.
To make PFM a largely acceptable idea and to increase awareness regarding its importance, ICAP has organised a two-day "Conference on Public Financial Management" on November 24 and November 25 at a hotel in 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.-PR
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