In order to provide effective, transparent, and accountable financial services, Dr. Salehuddin Ahmed, the finance adviser, emphasised today the necessity of a triangle approach to public financial management (PFM), combining the efforts of the public, corporate, and citizen sectors.
“In our country, the main bottleneck is the institution itself. We have good programs and plans, but we must focus on implementation by aligning these with our institutional capacity and commitment,” he said while speaking as the chief guest at the ‘Review Workshop on the 3rd PFM Reform Strategy 2025-2030’ at a training center at Gazipur area, said a press release here.
The goal of the workshop, which was arranged by the Finance Division with assistance from the World Bank, was to complete technical notes using the information acquired from 31 consultation workshops that were conducted in the previous several months.
The event was presided over by Finance Secretary Dr. Khairuzzaman Mozumder, and speakers included Suraiya Zannath, the World Bank’s Lead Governance Specialist (Financial Management), and Bilquis Jahan Rimi, Additional Secretary of the Finance Division and National Program Director of the Strengthen Public Financial Management Program to Enable Service Delivery (SPFMS).
The ceremony was attended by World Bank personnel, other development partners, and senior officials from the Finance Division.
Salehuddin Ahmed emphasised that the next reform plan must be clear-cut, doable, and customised to Bangladesh’s particular problems.
Khairuzzaman Mozumder highlighted the government’s achievements in public financial reform.
He pointed out how automation in salary disbursement and pension management has enhanced efficiency and transparency.
“For instance, electronic fund transfers now ensure that salaries reach employees on the first day of each month, which used to take 8-9 days. Similarly, the pension management system has been automated, eliminating delays and ensuring life verification. These reforms have expanded into private domains, such as the Government-to-Person (G2P) payment system, which supports corruption-free social safety net programs,” he added.
According to the press release, Public Financial Management (PFM) is pivotal to Bangladesh’s vision of achieving fiscal discipline, macroeconomic stability, and sustainable development. It provides a framework for strategic resource allocation across agriculture, industrialization, and services to drive inclusive growth.
Finding weaknesses in earlier reforms and considering the efficient use of public monies are crucial as Bangladesh develops its third PFM Reform Strategy. This necessitates dividing reforms into three categories: institutional reforms for robust governance, process reforms for efficiency, and structural reforms for modernisation. It’s crucial to modify international best practices while taking Bangladesh’s particular situation into account.
The approach will be more cost-effective, clear, and better executed if it includes a clear action plan. Since managing public resources effectively and fairly for all citizens is a shared responsibility, ownership and dedication to this plan are essential.
With unity and determination, Bangladesh can build a robust PFM system that supports a prosperous and sustainable future.
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