Update: 03 June 2021 15:46 STI
Khuzdar [Balochistan], June 3 (ANI): Balochistan has experienced the weakest economic performance among Pakistan’s four provinces, despite the new Public Financial Management Law which aims to strengthen expenditure tracking and control corrupt practices.
In 2020, the enactment of the Balochistan Public Financial Management Law 2020 in a province known for its poor governance, corrupt practices and fraudulent development plans came as a pleasant surprise to its critics, according to Khaleeq Nazar Kiani in The Frontier Post.
Although the said law is a replica of the Pakistan Public Financial Management Law 2019 with some modifications, but in accordance with Article 119 of the Constitution of Pakistan to regulate the Provincial Consolidated Fund and the Provincial Public Account, c was a good step in the right direction.
Balochistan is heavily dependent on federal transfers. The limited resources are spent lavishly on a system based on minimum rules by the bureaucracy on the aspiration of political bosses.
The Frontier Post reported that the government apparatus here generally resists reform for any transparent and accountable process and procedure. Switching from a discretionary system to a responsible one is not acceptable to them, which will likely limit corruption and discourage rent-seeking.
After the 10th NFC Prize, a massive sum was transferred to the provinces. For an appropriate and fair use of the transferred amounts, there was a need for a commitment to good governance, accountability and transparency, which was not achieved.
There is a general impression that due to the lack of appropriate financial laws, a significant portion of public money is wasted on swindled development projects, TFP reported.
In many countries, good laws and procedures are in place to avoid bad allocations and to track funds. It is necessary to apply strict budgetary discipline in the management and accounting of funds.
The long preamble to the law on public finance management ensures better macroeconomic management, clarifying institutional responsibilities related to financial management, strengthening budget management. All the ingredients to regulate the provincial consolidated fund and public finances have been incorporated into the law. It begins with the budget strategy document for the preparation and management of the budget, development projects, maintenance and use of public property, control of the consolidated provincial fund and the public account, management of the Treasury, funds special purpose, accounting and reporting, and eventually regulate public entities. .
In the past ten months, the law has not been maintained without any action, and the routine work has been carried out with an old weak mechanism.
Some bureaucrats are sensing the future repercussions of non-compliance and have called on political leaders not to be able to assert their demands unless the law is changed, because any activist can file a constitutional petition about the violation of the law.
Realizing the gravity of the situation, the bureaucracy and the political boss came to a consensus to remove the problematic tooth from the law, and an amendment was passed. (ANI)