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Public Finance Management
Public Finance Management
Public Finance Management is the system by which the financial aspects of the public services business are directed, controlled and influenced, to support the delivery of the sector’s goals. PFM Systems are embedded-in and Influenced-by broader sets of processes, systems and institutions. PFM systems are also part of broader national policy processes, which produce directive or plans that inform public resource allocation. PFM systems are a core area for reform in many developing countries.
PFM includes all components of a country’s budget process –both upstream (including strategic planning, medium term expenditure framework, annual budgeting) and downstream (including revenue management, procurement, control, accounting, reporting, monitoring & evaluation, audit and oversight). Our expert team helps government in each and every aspect of PFM from budgeting to revenue management, from planning to monitoring and evaluation.
PFM systems support decision making on fiscal policy and underpin budget implementation and reporting. Shortcoming in such systems can lead to lack of fiscal discipline and macro-economic instability, weaken the alignment between the allocation of public resources and national policy priorities, and contributes to greater waste and corruption in the delivery of public services. The importance of good public finance management for the effectiveness of the state has become increasingly clear over the years. Good PFM systems support not only good governance and transparency but is also crucial for effectively delivering the services on which human and economic developments rely. For this reason many bilateral organizations and multilateral institutions consider pulic finance management to be a priority. We work with governments, bilateral and multilateral organizations for developing efficient systems and ensuring accountability in management. We as a PFM System consultants work indispensably in ensuring that aid is being used achieve development goals, we provide a comprehensive guide covering aspects from allocation of resources to the use of resources making entire process easier.
Our major services under PFM System are :
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Macroeconomic Stabilization
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Monitoring and Evaluation
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Performance Budgeting
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Auditing and Accounting
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Local Government Reforms
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Public Procurement