LAHORE – The government of Punjab is introducing the Public Financial Management Law for better financial management at the administrative level to ensure the output base of comprehensive medium-term financial planning in the budgeting process .
This was decided during a review meeting of the Punjab Public Financial Management Bill under the subnational governance program. Punjab Finance Minister Makhdoom Hashim Jawan Bakht chaired the meeting in the presence of Finance Secretary Iftikhar Amjad, Additional Secretary Salman Ghani and a team from the Subnational Governance Program.
Under the law, a comprehensive policy will be introduced to improve the performance of state-owned enterprises and government-level investments will be encouraged for economic development. Punjab’s finance department will ensure that SNE issues are addressed alongside the preparation of infrastructure for rapid service delivery as part of development plans. The budget will only approve the financial affairs of development projects. Other frameworks will be completed before the budget is approved. The next budget will include 80 percent of ongoing projects and 20 percent of new projects.
Informing the meeting on the Public Financial Management Law, Senior Public Financial Management Advisor Saifullah Dogar said that results-based medium-term planning will improve the performance of departments as well as the medium-term budgeting process. term. The special secretary also gave a detailed briefing at the meeting on the financial conditions included in the law. Earlier, the provincial minister also considered the proposals of researchers at LUMS for the control of air pollution.
Addressing the meeting on the occasion, the provincial minister said that air pollution is an ongoing problem that takes serious form in the form of smog, so there is a need to take sustainable action instead of taking temporary arrangements taking into account only the smog season. He stressed the need to promote green financing in the province.
He added that the government of Punjab is encouraging the use of modern technologies in industries, the transfer of ovens to ZigZag technology and the use of clean fuel in vehicles and electric vehicles to discourage the polluting elements of air pollution. . He said the government will fund green projects from the next fiscal year. As part of the proposed pollution control zigzag brick kiln model, kiln owners will receive training and resources on the proper use of the technology with full knowledge of ZigZag technology. We will make Punjab the champion of green finance.