On Monday, 2^nd September, 2024, Mr. Nauman Yousaf, an officer of Pakistan Administrative Service from 36^th CTP, delivered a lecture to the participants of 41^st MCMC on “Management Finance”.

At the outset, Mr. Numan Yousaf discussed conceptual framework of Public Finance Management (PFM). He elaborated PFM as a system by which financial resources are planned, directed and controlled to enable and influence the efficient and effective delivery of public services, ensuring optimal utilization of public resources to get social value of money spent, as per the fiscal discipline. He said that the governments are answerable to parliament for all spending and revenue policies. The main legislation governing the PFM system are the Constitutional provisions and financial Acts of federal and provincial governments. There are four main elements of PFM System i.e. Policies, Budgets. Accounting and Audit. Lastly, the guest speaker discussed that 7th NFC award, approved in 2009, wherein a new formula of provinces shares. i.e. 82.3% on population basis. 10% on poverty basis, 5% on revenue basis and 2.7% on Inverse Population Density (IPD) basis, was approved contrary to earlier 100% distribution based on population only. The lecture was followed by a regulated Question & Answer session. The session ended with vote of thanks to the honourable guest speaker by the Sponsor DS.