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18 May 2024

Business Insider Bangladesh

WB satisfied with Public Financial Management Reforms in Bangladesh

BI Desk || BusinessInsider

Published: 16:58, 29 April 2024  
WB satisfied with Public Financial Management Reforms in Bangladesh

Representational photo

A high level World Bank (WB) team expressed satisfaction over the significant progress in Public Financial Management (PFM) reforms and emphasized on the further expansion of iBAS++ (Integrated Budget and Accounting System) network and strengthening the SOE governance.

Expressing interest in working with the government of Bangladesh to develop PFM Reform Strategy, the WB team also underscored the need to implement the new income tax act for domestic resource mobilisation and to enhance the capacity development in IT system implementation in Public Financial Management through iBAS++.

The team led by Arturo Herrera Gutierre, Global Director, Equitable Growth, Financial Institution (EFI), Global Practice (GP) and Governance Development (GD) and Hoon Sahib Soh Practice Manager, Macroeconomics, Trade, Investment, and Public Sector, Governance Global Practice, South Asia Region made the comments during a sharing meeting with Dr. Md. Khairuzzaman Mozumder, finance division secretary of the ministry of finance  on Monday, reports BSS.

During the meeting, Dr. Md. Khairuzzaman Mozumder expressed his satisfaction over significant improvement of the government's Financial Reform initiatives.

He apprised the mission of the ongoing programmes for Governance - Public Sector, Financial Management and Procurement.

Finance Division, Md. Abdur Rahman Khan, Additional Secretary, Shirajun Noor Chowdhury, Additional Secretary, Mohammad Saiful Islam, Additional Secretary and NPD, SPFMS, Abu Daiyan Mohammad Ahsanullah, Joint Secretary were present from the Finance Division and Suraiya Zannath, Lead Government Specialist, the World Bank, Robert Yougu, Senior Public Sector Specialist and Syed Khaled Ahsan, Senior Public Sector Specialist of the World Bank were present, among others.

Abul Basar Md. Amir Uddin, Senior Consultant (Joint Secretary) and Tanima Tasmin, Program Executive and Coordinator (Joint Secretary) made presentations in the meeting where it was highlighted that 30,000 Drawing and Disbursement Officers of the government are connected in iBAS++ system and they are now managing their activities online.

Besides, budget forecasting and budget preparation is being accomplished through the system.

Thirty million people are getting their social safety net allowance through Electronic Fund Transfer (EFT) system from Treasury Single Account (TSA) and the area of iBAS++ is expanding from the budgetary central government to the whole of the government incorporating the State Owned Enterprises (SOEs), Self-Accounting Entities (SAEs) and Autonomous Bodies (Abs).

In pension management system approximately 8.6 lacs pensioners are getting their pension through EFT and through pension verification apps they can accomplish their life verification without being present in the accounts office.