POBNEWS24, Dhaka Nov 29, 2024 : Finance Adviser Dr Salehuddin Ahmed today underscored the need for a triangular approach to public financial management (PFM), integrating the efforts of the public sector, private sector and citizens to ensure efficient, transparent and accountable financial services.
“In our country, the main bottleneck is the institution itself. We have good programs and plans, but we must focus on implementation by aligning these with our institutional capacity and commitment,” he said while speaking as the chief guest at the ‘Review Workshop on the 3rd PFM Reform Strategy 2025-2030’ at a training center at Gazipur area, said a press release here.
The workshop, organized by the Finance Division with support from the World Bank, aimed to finalize technical notes based on insights gathered from 31 consultation workshops held in recent months.
Finance Secretary Dr Md Khairuzzaman Mozumder presided over the event while Finance Division Additional Secretary and National Program Director of the Strengthen Public Financial Management Program to Enable Service Delivery (SPFMS) Bilquis Jahan Rimi and Lead Governance Specialist (Financial Management) of the World Bank Suraiya Zannath spoke on the occasion.
Senior officials from the Finance Division, representatives from the World Bank, and other development partners participated in the event.
Salehuddin Ahmed stressed that the upcoming reform strategy should be straightforward, actionable, and tailored to address Bangladesh’s unique challenges.
Khairuzzaman Mozumder highlighted the government’s achievements in public financial reform.
He pointed out how automation in salary disbursement and pension management has enhanced efficiency and transparency.
“For instance, electronic fund transfers now ensure that salaries reach employees on the first day of each month, which used to take 8-9 days. Similarly, the pension management system has been automated, eliminating delays and ensuring life verification. These reforms have expanded into private domains, such as the Government-to-Person (G2P) payment system, which supports corruption-free social safety net programs,” he added.
According to the press release, Public Financial Management (PFM) is pivotal to Bangladesh’s vision of achieving fiscal discipline, macroeconomic stability, and sustainable development. It provides a framework for strategic resource allocation across agriculture, industrialization, and services to drive inclusive growth.
As Bangladesh prepares its 3rd PFM Reform Strategy, it is essential to identify gaps in previous reforms and reflect on the effective use of public funds. This requires sequencing reforms into three types: process reforms for efficiency, structural reforms for modernization, and institutional reforms for strong governance. Adapting global the best practices while considering Bangladesh’s unique context is key.
The inclusion of a clear action plan within the strategy will ensure cost-effectiveness, clarity, and better implementation. Ownership and commitment to this strategy are crucial, as it represents a shared responsibility to manage public resources equitably and effectively for all citizens.
With unity and determination, Bangladesh can build a robust PFM system that supports a prosperous and sustainable future.
