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New reforms to be introduced in Pakistan’s capital markets: Dr. Shamshad Akhtar

September 25, 2018 (MLN): Dr. Shamshad Akhtar, former caretaker Finance Minister and Governor of the State Bank of Pakistan disclosed that new reforms are expected to be introduced in Pakistan’s capital markets.

Addressing the attendees of the Third Financial Reform for Economic Development (FRED) Forum, cohosted by The Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountant of Pakistan (ICMA Pakistan) in Karachi yesterday, chief guest Dr. Shamshad Akhtar informed that under the caretaker regime, a draft was prepared for reforms in Pakistan’s capital market.

“The authorities are reviewing these reforms at present and the broad reforms are expected to be finalized and launched in the capital market to make it vibrant sources of resource mobilization,” she stated

Dr. Akhtar was of view that the financial crisis of 2008 has highlighted the importance of ethical, transparency and auditing practices. “Quality of auditing for me is critical for the soundness of economy, business, corporate and stability of the finance systems,” she said.

Pressing on the matter of enhancing the tax revenue, she said that the existing potential is less than the half of what the country is collecting. “The country can easily increase the current tax to GDP ratio to 22-23 percent. The steps must be taken to reduce the avoidance of taxes”, she added.

The eminent speakers of the forum included 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.

The theme of the forum this year was 'Maximizing Private Sector Finance and Solutions – Role of the Accountancy Profession'.

The forum explored 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.

Four plenary sessions were conducted on: Fostering an Enabling Environment – Private Sector Investments for Development, Gearing for the Future – New Skills for the Profession, Building Investor Trust through Effective Public Sector Institutions – Impact on the Accountancy Profession, and Regional Priorities FRED a forum for growth.

President ICAP Riaz A. Rehman Chamdia opened the event by drawing attention to the significance of auditing and accounting for the development and resources mobilization of country's economic system so that the confidence of investors' is built. “The theme of the conference is not only important for Pakistan but for the region as well,” he added.

He stated that for successful public-private partnership, professionals need to develop confidence, “as many governments are now venturing into this kind of investment to materialize their goals.”

James A. Brumby outlined common global practices in auditing and accounting in mobilizing resources and said that Pakistan cannot afford to fall behind in competition with the global markets.

President of ICMA Pakistan, Zia ul Mustafa pointed out that ICMA Pakistan was playing an important role in motivating investors to make informed decision by providing them feasibility studies and educating. “We are giving policy input for trade, monetary, budget making and encouraging private sector to invest in the country”, Mustafa added.

Mr. Manoj Fandis, President CAPA said 'CAPA looks forward to a stronger, sustainable accountancy profession that will remain relevant and is future ready – a vision that we all can contribute towards.

The 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

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 were held in Sri Lanka and Malaysia, respectively.

Copyright Mettis Link News

Posted on: 2018-09-25T12:02:00+05:00

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