PESHAWAR: The Khyber Pakhtunkhwa Finance Department organized an orientation session for members of the KP Assembly to enhance their understanding of public finance management, budget analysis and key challenges of budget 2020-21.

The moot was organized in collaboration with the UK Foreign, Commonwealth and Development Office (FCDO) funded Sub-National Governance Programme organized Speaker Provincial Assembly Mushtaq Ahmad Ghani and Finance Minister Taimur Saleem Jhagra chaired the Orientation session, says a press release issued here on Tuesday.

Public financial management (PFM) was critical to economic governance and essential in establishing the performance, legitimacy and accountability of functional states. PFM leverages effective administration of funds collected and spent by governments. Moreover, the budget was an important document in ensuring transparency, accountability, comprehensiveness and good governance.

"The Year 2019-20 was progressing as a year of economic growth for Khyber Pakhtunkhwa, however, the province observed a significant dip in progress due to COVID. Despite all challenges we successfully and launched universal health coverage for the entire population of KP" said Taimur Saleem Jhagra Minister Finance KP in his presentation.

He said This year's budget was one of the most challenging in recent times due to COVID-19 pandemic but Government adopted a bold agenda of reforms, conducting budget rationalization exercise, adopted strict austerity measures and presented a balanced budget.

In his detailed presentation on PFM, Waqas Paracha SNG-II PFM Advisor noted that Public financial management was not only crucial in meeting fiscal aims, monitoring progress against targets and effective utilization of resources, but a sound system could aid the Government in setting future priorities and ensuring fiscal sustainability.