In Punjab, there has always been a considerable focus on Public Financial Management (PFM) reforms. In addition to the reforms led by Federal Government like Integrated Financial Management Information System (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 are being faced by Government of the Punjab, and the limited financial resources available to foster accelerated growth, development, and the provision of quality public services for the population of the province. The strategy aims to help in implementation of government's policies, improve service delivery, and reduce fiduciary risks. The strategy wills also help to 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 Reform Strategy 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.