3rd Financial Reform for Economic Development Forum to be hosted by ICAP, ICMA

September 24, 2018 (MLN): The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountant of Pakistan (ICMA Pakistan) have come together to cohost the third Financial Reform for Economic Development (FRED) Forum in Karachi, today.

President ICAP Riaz A. Rehman Chamdia and President ICMA Pakistan Zia-ul-Mustafa Awan held a briefing session for journalists yesterday, where they shared details regarding the event and highlighted its significance, along with the implications it holds in Pakistan and South Asia in particular.

Professionals from above 30 countries in Asia are expected to attend the event.

“The theme of the forum this year is 'Maximizing Private Sector Finance and Solutions - Role of the Accountancy Profession',” informed President ICAP Riaz A. Rehman Chamdia. “This FRED III forum is a continuation of FRED II, which probed into ways of strengthening public financial management, as an essential pillar to create conditions conducive to the flow of private capital (domestic and foreign) into productive investments and to reduce illicit financial flows,” he added.

“After the 2030 agenda for sustainable development was adopted on 25th September 2015, by Heads of State and Government at a special UN summit, the discussion on development finance has reached new heights,” said Mr. Chamdia.

“There is a realization that the world needs a new architecture for development finance. Additionally, it needs a global change of mindsets, approaches and accountabilities. Today, many governments seek the private sector's help to advance their development goals, “he further added.

Eminent speakers of the forum include James A. Brumby, Director Governance Global Practice, World Bank, Dr. Cao Dat Khoa, Director of the Capital Management department, Dr. PVS Jagan Mohan Rao, Vice President SAFA, Francis Cyril, ASEAN Manager IIRC / Partner, Audit & Assurance, BDO Kuala Lumpur, Manil Jayasinghe, Partner E&Y, Sri Lanka.

Mr. Chamdia informed the media that four plenary sessions on Private Sector Investments for Development, Building Investor Trust through Effective Public Sector Institutions and Regional Priorities will be conducted.

FRED Forum will explore how the accountancy profession is gearing up to meet the new demands of the augmented role of the private sector in providing finance and solutions for development

FRED forum started as a joint initiative of the World Bank and the Confederation of Asian and Pacific Accountants (CAPA), under the support and endorsement of International Federation of Accountants (IFAC).

The partnership has subsequently embraced the South Asian Federation of Accountants (SAFA) and the ASEAN Federation of Accountants (AFA) in order to deliver FRED throughout the region. The 1st and 2nd FRED Forums were held in Sri Lanka and Malaysia, respectively.

The forum is expected to provide a platform for professionals from both the public and private sector to share expertise, expand knowledge, and build their social network, he concluded

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