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Effective financial mgmt crucial for economic stability: Waseqa

Published : Monday, 20 May, 2024 at 12:00 AM  Count : 240

Effective financial mgmt crucial for economic stability: Waseqa

Effective financial mgmt crucial for economic stability: Waseqa

Effective financial management is crucial for economic stability, stated State Minister for Finance Waseqa Ayesha Khan said at the opening of discussion on Public Financial Management (PFM) Reform Strategy 2025-2030 at a city hotel on Sunday.

The event, held by the Ministry of Finance with support from the World Bank, the European Union, and Global Affairs Canada, emphasized the critical role of timely and effective financial management in maintaining economic stability to foster sustainable development.

Addressing the gathering as chief guest, the state minister called upon planners, academics, and development partners to contribute to building a robust and efficient financial management system. She highlighted the initiative to formulate public financial strategy timely given Bangladeshs current challenges and unprecedented opportunities in global economic landscape.
"As we deal with the far-reaching effects of Covid-19 pandemic, it has become increasingly clear that timely and effective financial management is essential to maintain economic stability and sustainable development of our country," said Waseqa Ayesha Khan.

She urged all stakeholders to unleash their innovative ideas and cooperation in developing the financial reform strategy envisioning a future where Bangladeshs financial management will remain sustainable, efficient, equitable, and inclusive.
Dr. Bernard Haven, Acting Country Director of World Bank Bangladesh and Bhutan attended the event as a special guest.

It was chaired by Khayeruzzaman Majumdar. Additional Secretary Sirajun Noor Chowdhury, representatives of the European Union and the High Commission of Canada, including Michal Crezan and Joe Goodings spoke, among others on the occasion.

A key presentation on was delivered by Finance Department Joint Secretary of Finance Division Abu Daiyan Mohammad Ahsanullah presented the keynote on Pathway to PFM Reform Strategy 2025-2030. Dr. Md. Khayeruzzaman emphasized the importance of financial reform strategy for effective macroeconomic management and good governance.

He said Bangladeshs efforts to transform its PFM system into a technology-driven and efficient public expenditure management system need to be boosted to support better service delivery and sustainable development.

He acknowledged the progress made in PFM reforms while stressing the need for more concerted efforts from all stakeholders.

The meeting saw two technical sessions. Planning Commission Member Rehana Parveen presented the first one while member of the National Board of Revenue (NBR) Masood Sadiq presenred the second one. Mofidur Rahman, among others took part in the discussion.

Speakers highlighted the need for effective PFM systems for ensuring strong institutions foundation, economic stability, resource efficiency and quality of public services.

The meeting highlighted that Bangladesh needs to transform its PFM system into a technology-driven, performance-enhancing, and efficient public expenditure management system to support better service delivery to achieve sustainable development.

The primary objective of financial management strategy 2025-2030 is to address the limitations of previous strategies and contribute to the implementation of the political commitment to creating a smart economy and smart Bangladesh.

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