PFM moot: (Govt sees KSE as fastest growing stock exchange)

ISLAMABAD: Minister of State for Privatization, who is also the Privatization Commission chairman pointed out on Monday that Karachi Stock Exchange (KSE) is one of the fastest growing stock exchange which is an important indicator of economic growth.

He said present government was making best efforts to improve public financial management. He cited the example of capital market transaction of UBL and PPL, which he appreciated as an excellent job done.

He was speaking at the inaugural session of “Public Financial Management” conference. Highlighting the positive achievements of the government, he said the government was working hard to resolve all the issues on priority basis.

He said bringing foreign direct investment was also a key objective of the existing government. He said efforts were on to bring China’s more investment in Pakistan.

He said two key impediments to economic development were the presence of militancy and lack of energy where considerable effort was required to adopt international best practices.

He hoped to make Pakistan politically stable, financially strong and economically sound and conveyed the government’s resolve to improve good governance and introduce effective public financial management.

Chairman CIPFA International Mr Ian Ball said that financial chaos, economic crimes and civil unrest all related to poor public financial management. Public sector accounting is critical to the growth of economy, he added.

The highlight of the inaugural session was the signing of MOU between CIPFA and The Institute of Chartered Accountants of Pakistan (ICAP) to promote the accounting profession in the country and work together on avenues of mutual benefit.

Speaking on the occasion, Yacoob Suttar President ICAP said that, “ICAP is fully cognizant of the need for good governance and importance of effective public financial management in government departments and public sector entities”.

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