WB launches report on public financial management
The World Bank has launched a new report “Operational Risk Assessment of Public Financial Management Reform in Nepal: A Review of Challenges and Opportunities”, amidst a function in the capital on Monday.
The report intends to inform the dialogue about the implementation of public financial management (PFM) improvements, including their prioritisation and sequencing in the prevailing political context, said the bank in a press statement.
On the occasion, noting the progress in reforms to date Auditor General Bhanu Prasad Acharya said that deeper reforms will require strong political and bureaucratic will.
He mentioned that the protracted political transition has increased fiduciary risks and expressed the confidence that the Cabinet Committee reviewing the Auditor General’s Annual Report will help institute public sector audit reforms for the future Public Accounts Committee to lead.
Finance Secretary Shanta Raj Subedi described the report as a landmark analysis that will help in better understanding risks associated with PFM. He said the current fiscal year 2013/14 will be important in implementing reforms.
On behalf of the development partners, Tahseen Sayed, WB Country Manager for Nepal, said while the government is taking steps in the right direction a lot more is needed to improve governance, transparency and accountability, build public confidence and bring lasting results for the people.
Sayed said credible improvements in PFM systems would strengthen the government’s case for channeling more development assistance through country systems and raise country’s partners’ confidence.
Senior officials from the Government of Nepal, civil society leaders, development professionals, academics, and representatives from Nepal’s international development partners attended today’s launch, said the bank.
The report was produced by a team from the Center for Aid and Public Expenditure of the Overseas Development Institute (ODI), the UK’s leading independent think tank on international development and humanitarian issues, with inputs from the government of Nepal’s Public Expenditure and Financial Accountability (PEFA) Steering Committee, the PEFA Secretariat, as well as member development partners in the Public Financial Management (PFM) Multi-Donor Trust Fund including AusAid, Denmark, DFID, EU, Norway and the World Bank. nepalnews.com