Public Sector Leaders and Accountants Meet to Map Strategic Approach
Nassau, Bahamas – Leaders from the public sector and
professional accountancy organizations from throughout the Caribbean
are meeting for in Nassau to revitalize efforts to improve public sector
financial management and support the region’s economic growth.
Opening the three-day strategic dialogue, The Bahamas Minister of State for Finance, The Hon.
Michael
Halkitis, MP, said: “Public sector spending comprises a significant
proportion of Caribbean gross domestic product. Given the sums involved,
it’s vital that we get our houses in order. Our regional economy
depends on us making wise spending decisions based on accurate
information. Enhanced public financial budgeting, accounting, and
reporting, based on accrual accounting, will enable us to shine a light
in every corner of our finances, and help bring sustainability to
government expenditure, and the communities we serve.”
Sponsored
by The Bahamas Government and Donor Partner - CPA Canada, and hosted by
the Institute of Chartered Accountants of the Caribbean (ICAC), the
International Federation of Accountants® (IFAC),and the World Bank, the
groundbreaking gathering was convened to bring closer inter-governmental
collaboration, and strengthen relationships between public sector
leaders and the accounting profession.
ICAC President Jasmine
Davis, welcoming delegates, commented: “The accountancy profession
possesses strong skills to help our peers working in government build
confidence in public sector finances. We recognize that there is
strength in numbers which underscores the regional approach of the ICAC
as relates to this initiative. We wholeheartedly support the efforts to
better integrate our region with the global economy—a task that can
only achieve its full potential when capital markets, investors and our
own citizens know that our government finances are based on solid
foundations.”
IFAC Chief Operating Officer Alta Prinsloo, said:
“The last global financial crisis highlighted the inherent weaknesses
of heavily indebted governments around the world, including in the
Caribbean. Managing and forecasting public revenues and expenditure, and
controlling fiscal imbalances, can only be achieved via robust
accounting practices. Via our Accountability. Now. campaign, we are
delighted to support this exciting event that will stimulate intensive
communication, consultation, and collaboration across the Caribbean
governments, the accounting profession, and international partners
including the World Bank.”
Samia Msadek, Director of the World
Bank Group’s Governance Global Practice emphasized that strong public
financial management is critical to national success and prosperity.
“How governments manage taxation, borrowing, and spending is essential
to economic growth, to poverty-reduction, and to ensuring that the
Caribbean’s residents can improve their lives through inclusion and
shared prosperity,” she said.
The three-day invitation-only
roundtable discussions will cover regional economic, social, and
business imperatives; public financial reporting reforms (regional and
international perspectives); engaging stakeholders; challenges of the
accountancy profession in the Caribbean and capacity-building
strategies; and technical training on latest developments in
International Public Sector Accounting Standards.