This document discusses trends in public financial management (PFM) reforms. It outlines the objectives of PFM as macrofiscal discipline, strategic resource allocation, and technical efficiency. Popular reforms aim to change incentives to better meet these objectives by altering rules, roles, and information. Recent reforms have focused on budget formulation tools like capital budgets and performance budgets differently across countries based on income level. There is a need for PFM reforms to address real problems and be tailored to each country's circumstances and stage of development.