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Tuesday July 23, 2024

‘Mismanagement threatens KP’s financial integrity’

KP is a resource-rich province that has suffered external and internal shocks over past few decades

By Arshad Aziz Malik
June 05, 2024
A general outside view of the Khyber Pakhtunkhwa Assembly. — AFP/File
A general outside view of the Khyber Pakhtunkhwa Assembly. — AFP/File

PESHAWAR: The National Think Tank has warned that financial mismanagement, losses, poor reporting and disclosures pose a serious threat to the financial integrity of Khyber Pakhtunkhwa (KP) province.

The think tank noted that KP is a resource-rich province that has suffered external and internal shocks over the past few decades, with severe economic and social implications.

Financial mismanagement, losses and lack of oversight in public sector enterprises (PSEs) and autonomous bodies (ABs) are major concerns. The lack of a budget manual, inadequate financial management capacity and the lack of visible outcomes of public financial reforms also pose a significant threat.

The National Think Tank organised a seminar on the KP budget for 2024-25 at the Peshawar Press Club, chaired by former Home and Tribal Affairs secretary Dr. Syed Akhtar Ali Shah.

Experts, including former minister Himayat Ullah, Shaukat Yousafzai, Ayub Shah, Dr. Syed Said Badshah and Arshad Aziz Malik, shared their insights on the economic condition and budget of KP.

Speakers discussed challenges, including a potential shortfall in revenues, uncertainties in the upcoming NFC award and the burden of salary and pension expenditures.

They also highlighted the risks of rising electricity, oil, and gas prices, and the need for adequate financial resources to address security threats and natural calamities. The seminar emphasised the need for a comprehensive approach to address the financial challenges facing KP, including improving financial management, enhancing oversigh and promoting economic growth.