Hifsa Raja

Speakers at a conference stressed the significance of professionalisation, technological breakthroughs and capacity building of professionals for sound development of the public sector and the overall economy. The Association of Chartered Certified Accountants (ACCA) organised the Pakistan Public Sector Conference 2023 on developing capacity and professionalisation of public financial management in Pakistan, reports WealthPK.

On the occasion, AACA Pakistan head Assad Hameed Khan said an economy’s growth could be significantly influenced by the public sector. “Several services, particularly finance and technology, are major inputs for generating economic activity. They directly or indirectly contribute to a country’s GDP.”

He said that streamlining business processes through adequate use of information technology and effective data handling could further increase productivity in a variety of industries. “Technology is facilitating cost-effectiveness in the domains of business, banking, transport, and communications. Businesses in the retail sector are finding new digital platforms to compete for market share.”

Hameed Khan said Pakistan was making efforts to modernise its institutions to deal with the formidable and complex challenges that it confronts while achieving technological transformation for public financial management. “Public sector reforms in Pakistan entail different models with each having its strengths and limitations,” he added.

Speaking on the occasion, Hammad Yunus, Chief Executive Officer of Personal Finance Management Solutions, said that ICT (Information and Communication Technology) revolution was the primary force behind the change in Pakistan’s public sector management. “Artificial Intelligence, which is a more evolved manifestation of IT advancement, has transformed everything, including the day-to-day government affairs.”

He said governments used ICT to process and exchange information to make thoughtful decisions in a timely manner. “It enables governments to collect and analyse data relevant to an organisation's performance for increased accountability and transparency. In other words, IT fosters democracy while also enhancing organisational performance and efficiency.”

He said the idea of e-government encapsulated the desire to make its different functions more accessible to the general public. “Application of IT also results in development of networks intended to transcend traditional organisational boundaries in addition to the creation of virtual structures.”

He said public institutions such as registration offices, tax authorities, postal services, libraries, and public utilities have made substantial use of the Internet to deliver services more effectively. “From a macroeconomic point of view, the growing digitisation of service delivery is promoting growth at a faster pace.”

Hammad Yunus said technological developments were speeding up the shift to digital banking accounts and financial inclusion. He further explained that technology has a significant and obvious impact on how the government conducts its business. “With online portals, e-government provides citizens with 24/7 access to government services and reports. Other forms of organisations such as public-private partnerships, virtual organisations, and networking are made possible through the use of such portals.”

Dr Irum Anjum Khan, additional auditor general, Auditor General of Pakistan, who also participated in the conference, said the government agencies spent a lot of money on audits to build trust and attract international investment. She said transparency could be achieved through audit monitoring, audit strategies, and audit planning.

Credit: Independent News Pakistan-WealthPk