As the word leaders resolved to embrace an ambitious and transformative 2030 agenda for sustainable development, the discussion on development finance has reached new heights. There is a realization that the world needs a new architecture for development finance. Additionally, it needs a global change of mindsets, approaches and accountabilities. Today, many governments seek the private sector’s help to advance the development goals. They maximize their development resources by drawing on private financing and sustainable private sector solutions to provide value for money and meet the highest environmental, social, and fiscal responsibility standards, and thereby reserve scarce public financing for those areas where private sector engagement is not optimal or available. Many businesses offer valuable skills, resources, and access to markets—and many recognize that promoting sustainable development makes good business sense. Implementation of the sustainable development goals have begun, but the clock is ticking.
The 3rd Financial Reform for Economic Development Forum in Asia (FRED III) to be held in Karachi, Pakistan on 24th of September 2018 will adopt the theme ‘Maximizing Private Sector Finance and Solutions for Development - Role of the Accountancy Profession’. It is a continuation of FRED II which probed into ways of strengthening public financial management, as an essential pillar to create conditions conducive to, the flow of private capital, domestic and foreign, into productive investments and to reduce illicit financial flows. FRED III will explore how the accountancy profession is gearing up to meet the new demands of the augmented role of the private sector in providing development finance and solutions for development. We will hear from private sector professionals, the role that Accountants play and the new skills they bring to the table to make public private partnerships and other forms of solutions work.
There is a realization that the world needs a new architecture for development finance. Additionally, it needs a global change of mindsets, approaches and accountabilities. Today, many governments seek the private sector’s help to advance the development goals.
FRED forum started as a joint initiative of the World Bank and the Confederation of Asian and Pacific Accountants (CAPA), under the support and endorsement of International Federation of Accountants (IFAC). The partnership has subsequently embraced the South Asian Federation of Accountants (SAFA) and the ASEAN Federation of Accountants (AFA) in order to deliver FRED throughout the region. FRED III will be led by SAFA and hosted by the Institute of Chartered Accountants Pakistan and the Institute of Cost & Management Accountant, Pakistan. The forum will attract professionals from 30+countries throughout Asia.