LAHORE - The Punjab government is introducing the Public Finance Management Act for better financial management at the administrative level to ensure the output base comprehensive medium-term financial planning in the budgeting process.
This was decided in a review meeting of the proposed Public Finance Management Act in Punjab under the Sub-National Governance Program. Punjab Finance Minister Makhdoom Hashim Jawan Bakht chaired the meeting while Secretary Finance Iftikhar Amjad, Additional Secretary Salman Ghani and a team from the Sub-National Governance Program were in attendance.
Under the Act, a comprehensive policy will be introduced to improve the performance of public corporations and investment at the government level will be promoted for economic development. Punjab finance department will ensure SNE matters will be handled in parallel with the preparation of infrastructure for the prompt delivery of services under development plans. The budget will only approve the financial affairs of development schemes. Other frameworks will be completed before the approval of the budget. The next budget will include 80 percent ongoing projects and 20 percent new schemes.
Briefing the meeting on the Public Finance Management Act, Senior Adviser on Public Finance Management Saifullah Dogar said that the output-based medium-term planning will improve the performance of departments as well as the medium-term budgeting process. The Special Secretary also gave a detailed briefing to the meeting on the financial terms included in the Act. Earlier, the provincial minister also reviewed the proposals of researchers of LUMS for control of air pollution.
Addressing the meeting on the occasion, the provincial minister said that air pollution is a permanent problem which is taking serious shape in the form of smog so it is necessary to take sustainable measures instead of making temporary arrangements keeping in view only smog season. He stressed the need for the promotion of green financing in the province.
He further said that the Punjab government encouraged the use of modern technology in industries, transfer of kilns to ZigZag technology and use of clean fuel in vehicles and electric vehicles to discourage polluting elements for air pollution. He said the government will finance green projects from the next fiscal year. Under the proposed model of pollution control zig-zag technology brick kilns, kiln owners will be provided with training and resources on the proper use of technology with full knowledge of ZigZag technology. We will make Punjab the champion of green financing.