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PFM: A Synopsis

PFM: A Synopsis. Dr Rupinder Singh June 24 th 2013. Context. What does PFM Cover?. PFM Life Cycle. Examples of PFM Interventions. PFM Context Generally. Context: fiscal space an issue everywhere LDCs and LICs: increased vulnerabilities (macro-fiscal, climatic, commodities)

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PFM: A Synopsis

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  1. PFM: A Synopsis Dr Rupinder Singh June 24th 2013

  2. Context

  3. What does PFM Cover?

  4. PFM Life Cycle

  5. Examples of PFM Interventions

  6. PFM Context Generally • Context: fiscal space an issue everywhere • LDCs and LICs: increased vulnerabilities (macro-fiscal, climatic, commodities) • Volatility of capital flows (official, private, remittances) • Rapid post-crisis growth in EM, rapid reduction in severe poverty • Clone war: age of accountants

  7. Observations and Lessons 1 • No magic bullet • Reform process inter-dependent on different PFM dimensions • Ownership is sin qua non • Consensus: get basics right: downstream • IT systems: take decade or more and require existing capacities and future maintenance

  8. Key Lessons 2 • Established PFM Roadmaps with significant IFI and EU support. • Donor co-ordination fundamental both for above aim and for inputs into aid-effectiveness debate

  9. Key Lessons 3 re Democratic Accountability • Key Role of PACs • Key link between PAC and SAIs

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