Noting that wasteful expenditures in public procurement are totally unwarranted, Planning Minister AHM Mustafa Kamal on Sunday underscored the need for efficient, thoughtful and innovative handling of taxpayers’ money.
“If the government can avoid the wasteful expenditures even by 10 percent, it would add to the country’s GDP by another 0.5 percent. So, everybody should be cautious or careful to avoid wasteful expenditures in public procurement,” he said.
The minister was inaugurating the three-day 3rd South Asia Regional Public Procurement Conference 2015 at a city hotel. Mustafa Kamal said public procurement is a very important area of every government whether it is developed economy or developing one, and asked the procurement entities to be more accountable and transparent in public procurement.
State Minister for Finance and Planning MA Mannan, World Bank Acting Country Director Martin Rama, ADB Country Director Kazuhiko Higuchi and Managing Director of the Federal Public Procurement Regulatory Authority, Pakistan Nazrat Bashir spoke on the occasion.
Mannan said the country’s people are very much interested about how the public fund is being spent and this is how comes the issue of transparency and accountability.
ADB country director Kazuhiko Higuchi said public procurement plays a vital role in developing economies of the region as it requires substantial public investment. “Efficient and effective use of public fund is essential.”
