ICAP & CIPFA Host Landmark Conference on Resilient Public Financial Management in Islamabad

WNAM REPORT: The Institute of Chartered Accountants of Pakistan (ICAP), in collaboration with the Chartered Institute of Public Finance and Accountancy (CIPFA), successfully organized a landmark conference on “Building a Resilient Public Financial Management Ecosystem” at Serena Hotel, Islamabad.
The conference was graced by the Chief Guest, Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, Pakistan, in his address, emphasized the urgency of aligning Pakistan’s financial management with international standards. He reaffirmed the government’s resolve to accelerate fiscal reforms, improve efficiency, and foster an accountable system of governance.
The session on Global Trends in ESG and Sustainability was honoured by the presence of Dr. Musadik Malik, Federal Minister for Climate Change & Environmental Coordination, Government of Pakistan, who shared his perspectives on the importance of sustainable practices in the current global landscape.
Mr. Saif Ullah, President ICAP, reaffirmed ICAP’s commitment to fostering transparency and strengthening institutional capacity across Pakistan’s public sector. He extended his gratitude to policymakers, development partners, and industry leaders for their active participation and emphasized that such collaborative efforts are essential to building fiscal resilience, embedding ESG principles, and advancing governance reforms that serve the public interest.
Mr. Khalid Rahman, Chairman ICAP Public Sector Committee and Council Member, termed the conference a milestone in advancing Pakistan’s fiscal governance and institutional resilience. Mr. Khalid Hamid, Director International at CIPFA, underscored CIPFA’s unwavering commitment to advancing global public financial management reforms and shaping stronger governance worldwide.
Mr. Muhammad Ali, Minister, Privatization Commission, shared insights on strengthening public financial management, while Mr. Ross Smith, Program and Technical Director, International Public Sector Accounting Standards Board (IPSASB), presented on advancing transparency and accountability through global accounting standards.
As part of the inaugural segment, two exclusive roundtable dialogues were held on Enhancing SOE Governance and Expanding Pakistan’s Tax Revenue Capacity. These sessions gathered policymakers, regulators, development partners, and senior corporate leaders, providing a collaborative platform to deliberate on reforms, transparency, and strategies to strengthen fiscal resilience and institutional performance.
Mr. Akif Saeed, Chairman SECP, underscored the importance of enhancing public value through robust SOE oversight, while Dr. Iram Anjum Khan, Additional Auditor General of Pakistan, highlighted the need for stronger fiscal accountability and audit-driven reforms. Mr. Shahid Kardar, Former Governor of the State Bank of Pakistan, provided strategic insights on building an equitable and sustainable taxation framework. Dr. Najeeb Ahmad, Member Inland Revenue (Policy), FBR, emphasized the imperative of developing a progressive, technology-enabled tax system to strengthen revenue capacity.
A panel discussion on Embedding ESG and Sustainability in Pakistan’s Public Financial Management was moderated by Mr. Farrukh Rehman, Former President ICAP. The distinguished panel—comprising Ms. Aisha Humera Chaudhary, Secretary, Ministry of Climate Change and Environmental Coordination; Ms. Musarat Jabeen, Executive Director, SECP; Dr. Mian Farooq Haq, Director, State Bank of Pakistan; Mr. Akmal Minallah, Senior Financial Management Specialist, The World Bank—explored practical pathways to embed ESG principles into governance frameworks and fiscal decision-making.
This was followed by a panel on Advancing Globally Recognized Accounting Frameworks, moderated by Mr. Khalilullah Shaikh, Board Member, International Federation of Accountants (IFAC). The panel featured Mr. Ross Smith (IPSASB), Mr. Majid Soofi (Finance Division, Government of Pakistan), Mr. Muhammad Salim Khan (Auditor General’s Department), and Mr. Musaddiq I. Shaikh (Asian Development Bank) and Mr. Owais Ahmed, Director (FABS), Controller General of Accounts (CGA), Pakistan, who shared insights on international best practices and Pakistan’s journey toward stronger accounting frameworks.
Subsequently, the panel discussion on SOE Act Compliance: Challenges, Progress & Opportunities, moderated by Ms. Jahanara Sajjad Ahmad, Executive Director Corporate Governance and Group Financial Advisor, Bibojee Group of Companies, featured distinguished speakers including Mr. Abdul Rehman Warraich, Commissioner, SECP; Mr. Faisal Iqbal, Deputy Managing Director, SNGPL; Mr. Amin Rajput, Acting Managing Director, SSGC; and Ms. Gulzar Khoja, CFO, PSO and Mr. Majid Soofi, Director General Central Monitoring Unit, Ministry of Finance, Pakistan . The panel deliberated on practical reforms aimed at strengthening compliance, improving governance, and enhancing operational effectiveness in state-owned enterprises.
Mr. Mohammad Maqbool, Council Member ICAP, presented the key takeaways of the conference, outlining actionable insights and policy recommendations to strengthen Pakistan’s public financial management landscape. While Mr. Muhammad Awais, Vice President ICAP, delivered the Vote of Thanks, extending gratitude to the distinguished speakers, guests, and participants for making the conference a success.