POST TIME: 18 November, 2019 00:00 00 AM
WB asks for strong systems to ensure financial accountability

WB asks for strong systems to ensure financial accountability

World Bank (WB) yesterday said strong institutions and strong systems are the backbone of ensuring financial accountability of a government.

Stressing on the need of financial integrity in government spending, the WB said, such integrity would help the government to govern a country in a sustainable way.

The WB arranged the round table discussion titled “Promoting Accountability and Integrity in Government Spending” at a city hotel.

Shirin Sharmeen Chowdhury, Speaker of the National Parliament attended the inaugural session as the chief guest.

She talked about the important contribution financial accountability makes to countries’ efficient and effective use of public resources to support development.

She said several institutions of accountability can collaborate with each other and speak in one voice in strengthening financial accountability.

Speaking on the occasion, Dandan Chen, acting country director of WB said, financial accountability is the essential foundation for a country to achieve its development outcomes of reducing poverty and boosting shared prosperity.

“Translating limited public resources into development outcomes needs adequate allocative, technical, and managerial efficiency and effectiveness of public spending,” he said. He said the WB is proud to have a longstanding partnership with the Office of the Comptroller and Auditor General (OCAG), supporting various reforms to improve the institutional capacity.

“We particularly commend the office of Comptroller and Auditor General (OCAG) for initiating the compliance with International Standards for Supreme Audit Institutions (ISSAI) and we are currently working with the OCAG to provide necessary support to further mainstream this compliance with international standards in audit,” he said.