Financial Advisor Salehuddin Ahmed stressed the need for a triangular approach to public financial management (PFM), integrating the efforts of the public, private and citizen sectors to ensure efficient, transparent and accountable financial services.

“In our country, the main bottleneck is the institution itself,” he said today (November 29) during his speech as the chief guest at the revision workshop of the 3rd PFM reform strategy 2025-2030, organized by the Finance Division with the support of the World Bank, we read in a press release.

“We have good programs and plans, but we need to focus on implementing them by aligning them with our institutional capacity and commitment,” the financial advisor added.

Salehuddin Ahmed also emphasized that the upcoming reform strategy should be simple, feasible and tailored to address Bangladesh’s unique challenges.

The workshop aimed to finalize the technical notes based on information collected during 31 consultation workshops held over the past months.

Senior officials from the Finance Division, representatives of the World Bank and other development partners participated in the event.

Chaired by Md Khairuzzaman Mozumder, Secretary, Ministry of Finance, the workshop was addressed by Bilquis Jahan Rimi, Additional Secretary (Budget-1) and National Director of Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS), Finance Division. , and Suraiya Zannath, Senior Governance Specialist (Financial Management), World Bank.

Md Khairuzzaman Mozumder highlighted the government’s achievements in public finance reform. He highlighted how salary disbursement and automation of pension management have improved efficiency and transparency.

“For example, electronic funds transfers now ensure that salaries reach employees on the first day of every month, which previously took eight to nine days. Likewise, the pension management system has been automated, eliminating delays and ensuring life verification. These reforms have extended to private areas, such as the government-to-person (G2P) payment system, which supports corruption-free social welfare programs,” Mozumder said.

Public financial management (PFM) is central to Bangladesh’s vision of achieving fiscal discipline, macroeconomic stability and sustainable development. It provides a framework for the strategic allocation of resources in agriculture, industrialization and services to drive inclusive growth, the statement read.

As Bangladesh prepares its third PFM reform strategy, it is essential to identify the shortcomings of previous reforms and reflect on the effective use of public funds.

This requires sequencing reforms into three types: process reforms for efficiency, structural reforms for modernization, and institutional reforms for strong governance. It is essential to adapt global best practices while taking into account the unique context of Bangladesh.

Including a clear action plan in the strategy will ensure cost-effectiveness, clarity and better implementation. Ownership and commitment to this strategy is crucial, as it represents a shared responsibility to manage public resources equitably and effectively for all citizens, according to the press release.

With unity and determination, Bangladesh can build a strong PFM system that fosters a prosperous and sustainable future.