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'Govt keen to

develop

accountability

culture'

ISLAMABAD: Minister of State for Finance, Makhdoom Shahabuddin said the development of the accountability culture is one of the main priorities of the government.

Inauguarting the Pak-China Joint seminar, "Audit of State Owned Enterprises," here at a local hotel on Sunday night he said the government would be open and receptive of any proposals for the refurbishment of the role of the Auditor General.

He said the country's economy has become buoyant. The government made an allocation of more than Rs. 36 billion for the public sector development programme and was able to cut down the subsidies to different sectors.

"Indicators like 16 percent increase in exports and the rise of our foreign exchange reserves to 2.5 billion dollars also indicated the buyancy of the economy."

In the previous financial year fixed investment grew by 17 percent and there was expression of interest for an unprecendented level of investment of about Rs. 15 billion in energy sector in response to highly attractive policies and programmes initiated by the government, Makhdoom said.

The government, despite its commitment to the process of privatization, has opted for a policy of public-private partnership in the economy, he said adding. "We have presented investment-oriented budgets in the last two years."

"We have also encouraged the investors to establish universities and hospitals in the prviate sector besides increasing our allocation for the education and health programmes in the public sector."

"It is our endeavor to create a right mix of public-private sector economies, to allow the entreprenurial class to play its role in the development of the country and yet giving the consumer a fair deal by retaining sufficient potential to counterbalance any anti-social tendencies and motives on the part of subversive elements in the private sector."

In his welcome address, Auditor General of Pakistan, Naseer Ahsan said the objective of the seminar is to share experiences in Audit of State Owned Enterprises as well as to learn about the audit philosophies and environments prevailing in our two countries.

Since its establishment in 1977, the department has produced more than 140 evaluation reports and the findings given in these reports paved way for the privatization or disinvestment of some of these units, he said.

"Lack of an Audit Act in our country has hindered our institutional progress. The draft Act is still languishing somehwere in Ministry of Finance or Law Division from where it has to be salvaged and laid before the Parliament," he said.

A seven member Chinese delegation headed by Deputy Auditor General, Liu Hezhang is attending the four day seminar.-APP