Adviser Salehuddin for inclusive public financial management reforms

FE Team | Published: November 30, 2024 00:15:59

Dr Salehuddin Ahmed

Finance Adviser Dr Salehuddin Ahmed on Friday underscored the need for a triangular approach to public financial management (PFM), integrating the efforts of the public sector, the private sector, and citizens to ensure efficient, transparent, and accountable financial services, reports BSS.
"In our country, the main bottleneck is the institution itself. We have good programmes 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 centre in Gazipur, said a press release.
The workshop, organised by the Finance Division with support from the World Bank, aimed to finalise technical notes based on insights gathered from 31 consultation workshops held in recent months.
Finance Secretary Dr Md Khairuzzaman Mozumder presided over the event where Finance Division Additional Secretary and National Programme Director of the Strengthen Public Financial Management Programme to Enable Service Delivery (SPFMS) Bilquis Jahan Rimi and Lead Governance Specialist (Financial Management) of the World Bank Suraiya Zannath spoke.
Senior officials from the Finance Division, representatives from the World Bank, and other development partners participated in the event.
Salehuddin 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 reforms. He pointed out how automation in salary disbursement and pension management had 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 eight to nine 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 programmes," he added.
According to the press release, 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, industrialisation, 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 modernisation, and institutional reforms for strong governance. Adopting the best global 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 is 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.