Public assets' knowledge, assessment inevitable for uplift of economy: AGP

The Accountant General of Punjab (AGP) has said public assets knowledge and assessment is the need of the hour and essential for development of economy, Pakistan is lacking in it badly. He was addressing to the participants of two-day workshop on "Fixed Assets Management" held here on Thursday in the office of the Accountant General Punjab with the co-operation of PIFRA.
Additional secretaries and deputy secretaries from Irrigation, Finance and Police participated in the workshop. Participants fully agreed with him and assured full co-operation and commitment on behalf of their departments towards successful implementation of Assets Management.
The workshop was conducted as part of implementation of PIFRA (Project to Improve Financial Reporting & Auditing) reforms in the public financial management sector. The workshop marks the introduction of Fixed Assets Management in the public sector in Punjab, which is being piloted in the above referred three departments of the government of the Punjab. Fixed Assets Management represents a new paradigm in Public Finance and involves maintenance of a transparent and complete Asset inventory and management. If successfully implemented, this shall not only help the government in identification and more efficient deployment of resources, but also establish a more accurate and fair sets of financial reporting and management complaint with international public sector standards. This shall also be a major step forward in promoting principles of transparency, efficiency and good governance in the public sector. AIG Logistics appreciated the new system and remarked that such a system was in fact needed and expressed full support.