ISLAMABAD: Financial experts Tuesday called for a more prudent use of public money, including effective resource allocation, decision and policy making to fight against corruption, and better services to improve the living standard of people in the country.
Addressing the ‘Public financial management conference’, they stressed the need for promoting public-private partnership in the social sector development projects in order to bring transparency and effective use of public money in these projects.
The event was organised by the Institute of Chartered Accountants of Pakistan (ICAP), with an objective to showcase how good governance and strong public financial management can underpin all facets of public sector activity around the world and in Pakistan.
Speaking on the occasion, Planning Secretary of Punjab Iftikhar Ali Shahoo said that public-private partnership was playing a pivotal role in development spending, adding that the province was spending 3.5 per cent of its GDP in developmental projects.
He said the growth target was set at 7 per cent and it would require additional resources to meet these expenditures, adding that to fulfil the required resources the government had initiated the public-private partnership.
He said seven projects in education, health, and infrastructure development worth Rs108 billion were awarded to 60 private sector companies and developed partnerships with international agencies including the World Bank (WB), Asian Development Bank (ADB) and the International Finance Corporation (IFC).
Planning Secretary of Khyber Pakhtunkhwa (KP) meanwhile said that the KP government had recently completed the act of PPP and focused and facilitate the private sector.
He said the provincial government was constructing the 81 km Swat express-way costing Rs40 billion under the public-private partnership and several steps were being taken in the health sector as well.
