In Punjab there has always been a considerable focus on PFM Reforms. In addition to the Federal Government-led reforms like IFMIS and the introduction of NAM (New Accounting Model), Punjab also conceived and implemented multiple PFM reforms.
The need for a new PFM Reform Strategy (PFM-RS) stems from the magnitude of the development challenges facing the people and the Government of the Punjab, and the limited financial resources available to foster accelerated growth, development, and the provision of high-quality public services for the population of the province. The Strategy aims to help implement the Government's policies, improve service delivery, and reduce fiduciary risks. The Strategy will also help ensure the continuity of PFM reforms.
PFM systems cover a broad span of Governmental processes, including planning, budget preparation and execution, budget monitoring, public investment management, accounting, and systems for accountability and transparency. To cope with this wide span, the PFM-RS 2025 is based on a total of nine pillars, each of which addresses a major area within the PFM system. The pillars are presented in a Results Framework that specifies the vision, result areas, issues and recommended actions to counter these challenges.