Digital platform for transparent fiscal management of SoEs

There is no gainsaying the importance of keeping a government running effectively within its budget.  So, the entire process of procuring its funds, allocating those, monitoring their use and, finally producing financial report are the key areas of fiscal management. Since human bias and errors can prejudice the outcome of this exercise, the need for digitalizing the procedure cannot be overstated. And that is more so when it comes to ensuring the transparency and accountability of the process. According to  the global lender, the International Monetary Fund (IMF), comprehensive, transparent, reliable and timely public reporting on the state of public finances is critical for effective fiscal management and accountability.  Because, it helps ensure that the government has an accurate picture of its finances when making economic decisions including costs and benefits of any policy changes  and potential risks to public finances. More importantly, it provides the legislature, markets and citizens with the information they need to hold the government accountable. 

In this connection, the body under the Finance Ministry, Finance Division, in short, FD, which is responsible for controlling government expenditure and national budget has recently showcased at a workshop in the city an online digital platform with the acronym, SABRE+ system, developed by it (FD) to, what it said, enhance transparency and accountability in the management of the State-Owned Enterprises (SoEs) and autonomous bodies. Standing for 'State-owned Enterprises and Autonomous Bodies Budget, Reporting,  and Evaluation System', SABRE+ system, is designed to streamline the process of budget preparation, financial reporting and performance evaluation for the SoEs and autonomous bodies. To distinguish the special features of 'SABRE+' vis-à-vis other types of online digital platforms, the Finance Adviser of the interim government, Dr Salehuddin Ahmed, who spoke at the said workshop reportedly pointed out that the system in question  was more than just a digital tool as it represents a pivotal shift towards data-driven, transparent and accountable governance across the SoEs and autonomous bodies. 

True, reliable data and internal control are the sine qua non of good governance. Hopefully, the SABRE+ system will be able to meet the objective by enabling the government to carry out timely evaluation of its fiscal-related activities. It is believed, once implemented efficiently, the new online platform will help avoid discrepancies in budget planning so its financial aspect could be managed well. Definitely, it is a step forward towards transitioning to a framework that is based on performance and compliance. While appreciating the good work that has gone into developing the online system, it is also important to keep in mind that any machine, however smart, requires humans to run it. In that case, unquestionable integrity of the man behind the machine will always remain the first condition to meet before it can deliver without bias and prejudice. 

 So, one would like to believe that the development of the new, online digital tool for budget reporting and evaluation would be able to prove its worth through its application in the government sectors for which it is designed. For, according to reports, at the moment, total liabilities with the 101 SoEs and autonomous bodies stand at over Tk.6.39 trillion with 26 per cent of the amount tied to subsidiary loan agreements. There is no question of keeping track of as well as correctly assessing this huge government liability with the help of the digital tool designed for the purpose. As expected, the next step of the government would be to take appropriate measures to rid the public exchequer of this enormous drain on the government exchequer.