KP government approves first ever Public Financial Management reform stratey
PESHAWAR: (APP) The Khyber Pakhtunkhwa (KP) cabinet has approved a three-year Public Financial Management (PFM) reform strategy (2017-20) envisages a comprehensive roadmap for reforms focusing on budget transparency, improved systems, aligned with the reform agenda of the provincial government.
The strategy, first ever of its kind in the history of the province, was evolved by KP finance department in consultation with all stakeholders, said a press release issued here on Wednesday.
The DFID funded Sub-National Governance Programme (SNG) provided technical support in the formulation of the strategy.
The Key objectives of the strategy are six which relates to ensure policy-based planning and budgeting, comprehensive, transparent and credible budget, improve predictability and control in budget execution and putting in place accountability for results.
Unlike the previous policies in the province, the PFM introduces setting up of an institutional platform'oversight committee to be headed by KP finance minister with a sole objective to oversee implementation of the overall reforms under the ambit of PFM strategy.
"We have a strong commitment for inducing change aimed at greater transparency, accountability and openness in public sector governance.
This falls in the centre of our agenda of ensuring equitable development, improved service delivery, and a corruption free government system", said
KP Finance Minister Muzaffar Said.
This strategy, the minister said will be of immense help in ensuring a uniform, standardized and harmonized approach for introducing international best practices in the field, both for provincial and the local governments of KP.
It is worth mentioning that the new strategy also builds on the accumulated gains of the integrated PFM reform strategy adopted by the incumbent government in the year 2010.
The strategy is in tandem with ongoing accountability and transparency regime, devolution reforms of the present political government; Local Government Act 2013; and 18th constitutional amendment of the Federal Government enacted in 2010.
"This strategy is a result of concerted efforts, consultation and dialogue both within government and with other stakeholders", Muzaffar Said said.
The focus of the strategy is on strengthening key public financial management structures and processes so that by the end of 2020, he added.
He said, "Government has in place a robust system for ensuring equitable resource allocation, transparent and efficient budget execution and fiduciary risk mitigation for the well-being of the citizens."