The main objectives and vision of PIFRA II will build capacity to improve the accuracy, comprehensiveness, reliability, and timeliness of intra-year and year-end government financial reports, at Federal and Provincial levels, and initiate the process at District and sub-District levels, thereby strengthening the financial accountability cycle. It would therefore directly support the Government of Pakistan's commitment to improved public financial management, accountability, and transparency, and enhance the capacity of public sector managers to use credible financial information for better and informed decision making. It will facilitate public oversight of the use of public monies, and increase the national and international credibility of Governments' financial statements and assurance processes.

The Project Description is that PIFRA II has four core components: