Page 2 - Newsletter-June-2018

Newsletter The Institute of Chartered Accountants of Pakistan The Conference commenced with the recitation from Andrew Burns, president CIPFA, delivered the keynote the Holy Quran followed by the national anthem. Riaz speech on the Conference theme. Appreciating the role A. Rehman Chamdia, in his opening remarks, stated that of ICAP, Andrew Burns said that the Institute is playing managing public money effectively can help all areas a pivotal role to develop linkages and relationships of government activities including effective resource between government and public sector bodies globally. allocation, policy making, fight against corruption, better services and outcomes to improve the lives of His presentation was followed by a panel discussion people. A capable public service is essential for creating on ‘Public Private Partnership’ moderated by Syed a favourable climate in any country and facilitates public Asad Ali Shah, former president ICAP and senior private participation in the service delivery. He added partner Deloitte. The panellists were Ali Sibtain, that in Pakistan, public delivery system has acquired a director Public Private Partnership Unit, Sindh, Iftikhar milestone with the support of the World Bank funded, Ali Sahoo, secretary Planning and Development Project to Improve Financial Reporting and Auditing Department Punjab, Zahir Shah, secretary Planning (PIFRA). Public-private partnerships are one of the most and Development Department Khyber Pakhtun Khawa effective vehicles in the public service delivery which, (KPK), Salman Amin, senior advisor Tariff National in turn, increase the growth and create jobs leading Electric Power Regulatory Authority (NEPRA) and to the reduction in poverty. In Pakistan, public-private Andrew Burns. The panellists shed light on the role of partnerships are emerging and creating value addition provincial government and also global perspective in in various projects to the national economy in most of exploring the potential for private alliances to support the provinces. public sector education, health and infrastructure, etc. The chairman PFM Organising Committee, Rashid Andrew Burns told that public and the private sector Ibrahim, highlighted the theme of PFM Conference organisations need to be ‘well-aligned’ if partnerships and its linkage with PFM in Pakistan. He said PFM between the two are to be successful. The importance is essential for better management, scrutiny of of openness, transparency and good governance needs government, macroeconomic stability, effective use to sit at the heart of public private partnerships. He said of available resources and reduction in poverty. Better that the public sector equally needs to understand the PFM will present much needed boost to the economy. necessity to make profits to make these organisations He emphasised that partnerships are crucial and sustainable. He added that these partnerships have auditor general, controller general, ministry of finance, shown to work really well on big infrastructure projects parliamentarians and civil society organisations all where there’s a clear transfer of risk and what expertise need to work in cohesion. Important institutions the private sector is bringing in. need to improve their skills and capacities. Further, there is a need to instigate strong political will for the Asad Ali Shah said that public private partnership is development of effective public financial management now growing and billions of dollars’ worth of projects in Pakistan. and services are being privatised or outsourced or 2 June 2018