WB pleased with Bangladesh’s Public Financial Management reforms 

A high-level World Bank (WB) team has expressed satisfaction over the significant progress in Public Financial Management (PFM) reforms. It has also emphasised further expansion of iBAS++ (Integrated Budget and Accounting System) network and strengthening the SOE governance.

Expressing interest in working with the government of Bangladesh to develop PFM reform strategy, the team also underscored the need to implement the new income tax act for domestic resource mobilisation and to enhance capacity development in IT system implementation in Public Financial Management through iBAS++.

The team led by Arturo Herrera Gutierre, Global Director, Equitable Growth, Financial Institution (EFI), Global Practice (GP) and Governance Development (GD); and Hoon Sahib Soh, Practice Manager, Macroeconomics, Trade, Investment, and Public Sector, Governance Global Practice, South Asia Region made the remarks during a meeting with Dr Md Khairuzzaman Mozumder, secretary of the Finance Division under the Ministry of Finance, on Monday.

During the meeting, Md Khairuzzaman Mozumder expressed his satisfaction over significant improvement of the government's financial reform initiatives. He appraised the mission of the ongoing programmes for Governance – Public Sector, Financial Management and Procurement.

Finance Division, Md Abdur Rahman Khan, Additional Secretary, Shirajun Noor Chowdhury, Additional Secretary, Mohammad Saiful Islam, Additional Secretary and NPD, SPFMS, Abu Daiyan Mohammad Ahsanullah, Joint Secretary were present from the Finance Division and Suraiya Zannath, Lead Government Specialist, the World Bank, Robert Yougu, Senior Public Sector Specialist and Syed Khaled Ahsan, Senior Public Sector Specialist of the World Bank were present, among others.

Abul Basar Md Amir Uddin, Senior Consultant (Joint Secretary) and Tanima Tasmin, Program Executive and Coordinator (Joint Secretary), gave presentations in the meeting where it was highlighted that 30,000 Drawing and Disbursement Officers of the government are connected in iBAS++ system and they are now managing their activities online.

Besides, budget forecasting and budget preparation are being accomplished through the system.

Thirty million people are getting their social safety net allowance through Electronic Fund Transfer (EFT) system from Treasury Single Account (TSA), and the area of iBAS++ is expanding from the budgetary central government to the whole of the government incorporating the State Owned Enterprises (SOEs), Self-Accounting Entities (SAEs) and Autonomous Bodies (Abs).

In pension management system, approximately 8.6 lakh pensioners are getting their pension through EFT and through pension verification apps they can accomplish their life verification without being present in the accounts office.