The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountant of Pakistan (ICMAP) will jointly host the 3rd Financial Reform for Economic Development (FRED) Forum today (Monday) at a hotel, here. The forum will attract professionals from over 30 countries throughout Asia.
The 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.
ICAP president Riaz A Rehman Chamdia and ICMAP president Ziaul Mustafa Awan shared details of the FRED Forum 2018 at a briefing, here on Sunday. They elaborated FRED Forum's importance 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 the 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, Chamdia said.
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 strengthened 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 said.
The 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. Chamdia said that four plenary sessions on Private Sector Investments for Development, Building Investor Trust through Effective Public Sector Institutions and Regional Priorities will be conducted.
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, Sri Lanka.
ICMAP's Ziaul Mustafa said that the SAFA president Dr Suvod Kumar Karn would share the forum's objectives outlining the role he hopes FRED would 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.
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