PESHAWAR, Pakistan: The Khyber Pakhtunkhwa government will unveil a three-year Public Financial Management (PFM) reform strategy (2017-20) that includes a roadmap for policy driven budget-making and its effective execution.
A special session will be convened on Thursday (July 20) to officially launch the PFM strategy paper.
Heads of provincial departments, academia, researchers, representatives of development partners, civil society and media will attend the day-long session.
The Khyber Pakhtunkhwa Finance Minister Muzaffar Said will chair the session. The provincial cabinet, which is a prior requirement, has already approved the PFM strategy paper for implementation, said a press release issued here.
The PFM strategy paper sets out to achieve six broad objectives— policy driven planning and budgeting; a comprehensive, credible and transparent budget; predictability and control in budget execution; resource mobilisation; assets and liability and accountability for results.
Each of these objectives will be achieved through a set of activities sequenced over a period of three years.
The paper has a roadmap for reforms with key performance indicators so the outcome of the reforms will be measured and monitored through projected targets prescribed in the strategy paper. Reforms will focus on policy based planning and budgeting, more control in budget execution and expenditures, greater resource mobilization and reforms in taxation.
One of the important pillars of reforms will be making budget information accessible to citizens in an easy way, establishment of specialised units to manage financial resources, and accountability for results.
The KPK Finance Department evolved the strategy with technical assistance from DFID-funded Sub National Governance Programme (SNG) thorough consultation and dialogue with other departments. A multi-layered oversight mechanism, consisting of political, administrative and public oversight, has also been put in place to ensure implementation of the strategy.
The focus of the strategy is on strengthening key public financial management structures and processes so that by the end of 2020 the KPK government has established a robust system for ensuring equitable resource allocation, transparent and efficient budget execution and fiduciary risk mitigation, leading to improved service delivery.