Country Perspectives on Advancing Public Financial Management Reform-What Really Works
PFM REFORM LANDSCAPE
Anita Angelovska-Bežoska
National Bank of Republic of Macedonia
Punjab resource management programme; intervention in finance departmentJean-Marc Lepain
The document summarizes interventions for Punjab's finance department. It outlines 3 areas of focus: [1] fiscal sustainability and debt management, [2] budget execution and reporting, and [3] organizational strengthening. Key activities include implementing a revenue forecasting model, cash management planning, debt management strategy, and strengthening budget processes and IT systems like SAP to integrate planning and reporting. The overall goal is to improve resource management, budget credibility, and move from reactive to proactive fiscal management.
This document discusses strategies for universities to increase flexibility in their debt portfolios and balance sheets to help meet funding needs. It notes pressures on university budgets from modest revenue growth and rising costs. The speakers discuss optimizing balance sheets through risk management and leveraging strengths. Tactics include strategic use of variable rate debt, asset-liability management, and monetizing existing assets. The document also discusses the University of Virginia's experience restructuring debt and assets to better align short-term balances and fund strategic plans, including stress testing liquidity. It emphasizes creating flexibility in debt portfolios and putting assets to work within risk tolerances.
This document discusses trends in public financial management reforms. It outlines three main objectives of public expenditure systems: macrofiscal discipline and stability, strategic allocation of resources, and technical efficiency. Popular reforms that aim to meet these objectives are then described, such as medium-term expenditure frameworks and performance budgeting. Recent trends include fragmenting ministries of finance and shifting authority to line ministries. Longer-term trends involve changing the role of ministries of finance to focus more on monitoring, policy development, and emerging issues. A benchmarking study found that successful countries have empowered line ministries, strengthened audits, and moved to performance-based budgets. Broad lessons are that reforms must be well-organized, involve stakeholders, have clear
Yemen: Action plan for public finance management reformsJean-Marc Lepain
This document summarizes the key points from a government-development partners roundtable on public finance management reforms. It outlines an action plan with the following objectives: 1) restore fiscal sustainability and budget credibility, 2) prepare for fiscal decentralization, and 3) strengthen controls and accountability. The action plan focuses on quick wins for 2014-2015, with a new planning phase in 2015 to address more structural issues. Key areas of focus include integrating fiscal policy with budgeting, strengthening revenue collection, enhancing budget integration, and developing a roadmap for fiscal decentralization. The document concludes by noting the need to plan reforms beyond 2015 based on a public finance assessment.
Yemen: Methodology for preparing the new public financial management action planJean-Marc Lepain
This document outlines the methodology for preparing a new Public Financial Management (PFM) Action Plan in Yemen. It discusses the need for a new plan given the lack of strategic direction in PFM reforms since 2008. The new plan will address key PFM issues and be strategically important for restoring macroeconomic stability. A recommended approach is to group reforms into platforms covering budget credibility, accountability, budget execution, and fiscal decentralization. The plan preparation will involve different coordination levels and follow a two-phase emergency and consolidation strategy. A timetable is proposed for drafting the plan in consultation with development partners.
Medium Term Budget Frameworks in West Africa: Lessons learntJean-Marc Lepain
Conclusion of the five day seminar on medium trer budget framework and fiscal planning in West Africa. MTFF and MTFB have constributed to strengthen the budget preparation process. However these tools are not sufficient to ensure fiscal discipline and budget credibility that remains an issue across the region. The solution is the coordination of fiscal planning reforms with other reforms.
- GAVI introduced a Transparency & Accountability Policy (TAP) to limit fiduciary risk as cash-based support increases, while maintaining flexibility. TAP aligns GAVI support with countries' public financial management systems.
- TAP covers only cash-based support. It builds on countries' systems and applies minimum standards for funds management. GAVI conducts Financial Management Assessments (FMAs) to identify best funding mechanisms.
- FMAs assess countries' financial management strengths/weaknesses. They rely on existing information and aim to remain light-touch. FMA outcomes help determine funding approval and additional assurances needed. The goal is balancing financial oversight with program effectiveness.
Punjab resource management programme; intervention in finance departmentJean-Marc Lepain
The document summarizes interventions for Punjab's finance department. It outlines 3 areas of focus: [1] fiscal sustainability and debt management, [2] budget execution and reporting, and [3] organizational strengthening. Key activities include implementing a revenue forecasting model, cash management planning, debt management strategy, and strengthening budget processes and IT systems like SAP to integrate planning and reporting. The overall goal is to improve resource management, budget credibility, and move from reactive to proactive fiscal management.
This document discusses strategies for universities to increase flexibility in their debt portfolios and balance sheets to help meet funding needs. It notes pressures on university budgets from modest revenue growth and rising costs. The speakers discuss optimizing balance sheets through risk management and leveraging strengths. Tactics include strategic use of variable rate debt, asset-liability management, and monetizing existing assets. The document also discusses the University of Virginia's experience restructuring debt and assets to better align short-term balances and fund strategic plans, including stress testing liquidity. It emphasizes creating flexibility in debt portfolios and putting assets to work within risk tolerances.
This document discusses trends in public financial management reforms. It outlines three main objectives of public expenditure systems: macrofiscal discipline and stability, strategic allocation of resources, and technical efficiency. Popular reforms that aim to meet these objectives are then described, such as medium-term expenditure frameworks and performance budgeting. Recent trends include fragmenting ministries of finance and shifting authority to line ministries. Longer-term trends involve changing the role of ministries of finance to focus more on monitoring, policy development, and emerging issues. A benchmarking study found that successful countries have empowered line ministries, strengthened audits, and moved to performance-based budgets. Broad lessons are that reforms must be well-organized, involve stakeholders, have clear
Yemen: Action plan for public finance management reformsJean-Marc Lepain
This document summarizes the key points from a government-development partners roundtable on public finance management reforms. It outlines an action plan with the following objectives: 1) restore fiscal sustainability and budget credibility, 2) prepare for fiscal decentralization, and 3) strengthen controls and accountability. The action plan focuses on quick wins for 2014-2015, with a new planning phase in 2015 to address more structural issues. Key areas of focus include integrating fiscal policy with budgeting, strengthening revenue collection, enhancing budget integration, and developing a roadmap for fiscal decentralization. The document concludes by noting the need to plan reforms beyond 2015 based on a public finance assessment.
Yemen: Methodology for preparing the new public financial management action planJean-Marc Lepain
This document outlines the methodology for preparing a new Public Financial Management (PFM) Action Plan in Yemen. It discusses the need for a new plan given the lack of strategic direction in PFM reforms since 2008. The new plan will address key PFM issues and be strategically important for restoring macroeconomic stability. A recommended approach is to group reforms into platforms covering budget credibility, accountability, budget execution, and fiscal decentralization. The plan preparation will involve different coordination levels and follow a two-phase emergency and consolidation strategy. A timetable is proposed for drafting the plan in consultation with development partners.
Medium Term Budget Frameworks in West Africa: Lessons learntJean-Marc Lepain
Conclusion of the five day seminar on medium trer budget framework and fiscal planning in West Africa. MTFF and MTFB have constributed to strengthen the budget preparation process. However these tools are not sufficient to ensure fiscal discipline and budget credibility that remains an issue across the region. The solution is the coordination of fiscal planning reforms with other reforms.
- GAVI introduced a Transparency & Accountability Policy (TAP) to limit fiduciary risk as cash-based support increases, while maintaining flexibility. TAP aligns GAVI support with countries' public financial management systems.
- TAP covers only cash-based support. It builds on countries' systems and applies minimum standards for funds management. GAVI conducts Financial Management Assessments (FMAs) to identify best funding mechanisms.
- FMAs assess countries' financial management strengths/weaknesses. They rely on existing information and aim to remain light-touch. FMA outcomes help determine funding approval and additional assurances needed. The goal is balancing financial oversight with program effectiveness.
OECD best practices for performance budgeting - Jon BLÖNDAL, OECDOECD Governance
The document outlines draft OECD best practices for performance budgeting based on decades of experience in OECD countries. It aims to distill lessons learned and offer guidance to countries updating or newly adopting performance budgeting systems. It provides 7 key recommendations: 1) Clearly defining objectives and stakeholders, 2) Linking budgets to strategic goals, 3) Adapting to policy needs, 4) Managing performance information, 5) Creating supporting infrastructure, 6) Ensuring evaluation and oversight, and 7) Incentivizing performance-oriented behavior. Each recommendation includes further context and considerations.
Investment planning and public investment plans: Inssues and Best PracticesJean-Marc Lepain
This presentation goes through the issues in investment appraisal that result in poor outcomes. It introduces Public Investment Plans as a systematic methodology to address these issues.
The document discusses strategies for effectively allocating climate finance to implement national adaptation plans (NAPs). It recommends that climate change financing frameworks (CCFFs) can be used to integrate climate change into national planning and budgeting processes in order to plan funding for NAPs. CCFFs provide a robust framework for prioritizing adaptation actions based on factors like the scale of losses and damages addressed and the effectiveness of actions in reducing losses and damages. CCFFs also allow for developing financing scenarios, building capacity for climate budgeting and tracking climate expenditures, and facilitating monitoring, reporting and review of adaptation efforts.
Committed to the path of sustainability Excellence with EFQMJean-marc SOULIER
The document discusses the EFQM Excellence Model, which is a framework used by over 30,000 organizations worldwide to guide organizational performance and improvement. The model includes eight fundamental concepts, nine criteria with sub-criteria to assess enablers and results, and a "RADAR logic" cycle of planning, implementing, evaluating and improving. It provides a holistic assessment of an organization's strategy, processes, leadership, people management, partnerships and results. The goal of the model is to help organizations define, assess, and improve excellence by learning from others and establishing best practices.
This document outlines the purpose, concepts, methodology, design, and issues related to implementing medium-term expenditure ceilings. It discusses how ceilings can provide understanding of government costs over multiple years, separate baseline estimates from new policy impacts, and ensure realistic budgeting. The methodology section covers approaches for allocating funds across sectors and designing time horizons. Key issues addressed are scope, inflation adjustments, and managing uncertainty. Different country examples illustrate variations in coverage, specificity, time horizons, and frequency of updates.
The document outlines the curriculum and format for the CMA 2010 exam, including the following:
- Part 1 focuses on financial planning, performance, cost management, internal controls, and ethics. Topics are weighted 30-25% and are covered at a basic level.
- Part 2 covers financial statement analysis, corporate finance, decision analysis, investment decisions, and ethics. These topics are also weighted 25-20% and covered at a basic level.
- Both parts include descriptions of the topic areas and their weightings. More detailed content specifications can be downloaded from the website.
An Introduction to the Australian Mid-Term Expenditure Framework (MTEF) and P...Oswar Mungkasa
This document provides an introduction to a workshop on the Australian Medium Term Expenditure Framework (MTEF) and Performance-Based Budgeting (PBB) reforms. The aims of the workshop are to help participants better understand MTEF and PBB, examine practical examples of their application, and start planning reforms. MTEF and PBB are tools for public expenditure management that involve planning, managing, controlling, and ensuring accountability of public finances. The rest of the workshop will cover setting up a performance system, features of Australia's MTEF, and planning MTEF and PBB reforms for Indonesia over the next five years.
Syed Arif Raza has over 25 years of experience in finance, credit, risk management, and collections. He has held leadership positions at Standard Chartered Bank, Grays Leasing Ltd, PIC Leasing, First General Leasing Modaraba, and NDLC-IFC Bank Ltd. Raza has an MBA with a major in accounting and is a Certified Public Accountant and Certified Skill Assessor. He has extensive experience developing credit policies, managing portfolios, and reducing loan losses and bad debts.
This document is a resume for Syed Arif Raza, who has over 30 years of experience in finance, credit, risk management, and collection roles. He has held leadership positions at Standard Chartered Bank, Grays Leasing Ltd, PIC Leasing, and First General Leasing Modaraba. His experience includes credit approval, portfolio management, strategy development, and reducing bad debt. He has an MBA with a major in accounting and is a certified public accountant and certified skills assessor.
The document proposes introducing a revenue sharing system in Lao PDR to apportion shared revenue between the central government and provinces. It outlines a methodology using a policy framework and macroeconomic model. The revenue sharing formula is based on population, land area, and a poverty index, with weights of 45%, 10%, and 45% respectively. The formula aims to correct disparities between provinces in an equitable, transparent, and pro-poor manner. Introducing this system will require the Ministry of Finance to improve analysis and forecasting of provincial economic and budget data.
FRS 101 provides guidance on preparing and presenting general purpose financial statements. It aims to ensure comparability within an entity's financial statements over time and between entities. FRS 101 requires a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It also provides guidelines on classifying assets and liabilities as current or non-current, and disclosing additional information in the notes. The financial statements must be clearly identified and present relevant information in a fair, comparable, and understandable manner.
Fiscal decentralisation and health sector financing formulae (lao pdr)Jean-Marc Lepain
This document discusses options for developing a health sector financing formula to accompany fiscal decentralization reforms in Laos. It reviews 6 potential approaches and recommends an interim formula based on non-wage expenditures and health worker numbers. This interim formula would be developed over 1-2 years into a full health financing formula incorporating incentives and program-level funding once additional health policy issues are addressed. The formula aims to equalize funding while ensuring sufficient budgets for service delivery across diverse regions.
OECD, 35th Meeting of Senior Budget Officials - Lars Ostergaard - DenmarkOECD Governance
This presentation by Lars Ostergaard, Denmark, was made at the 35th Meeting of Senior Budget Officials held in Berlin on 12-13 June 2014. Find more information at http://www.oecd.org/gov/budgeting/35thannualmeetingofoecdseniorbudgetofficialssboberlingermany12-13june2014.htm
Budgeting is an important tool for hospital administration and management. It allows them to review hospital services and finances in a comprehensive and integrated way. The objectives of budgeting include developing standards, comparing actual results to standards, identifying deviations, and analyzing them. Budgeting has advantages like better financial planning, focus on decision making, and enhancing staff efficiency. Budgets can be short term (2 years) or long term (5-10 years) and include income/revenue accounts and expenditure accounts. Preparing a budget involves assumptions about services, economic forecasts, outlining goals, departments analyzing data, budget hearings, and approval by governing boards. Implementation considers department requirements, funds, costs, and quantities. Local conditions, management policy,
The Australians Mid-Term Expenditure Framework (MTEF). Its Features and Its U...Oswar Mungkasa
The document discusses the key features and supporting institutions of Australia's Medium Term Expenditure Framework (MTEF). The three key features are: 1) budgeting for more than one year into the future, 2) only allowing adjustments for factors outside manager control, and 3) having annual appropriations despite multi-year budgeting. Supporting the MTEF are institutions like a cabinet process for multi-year decisions, economic and program parameters, definitions of program costs, independent costing verification, and a central budgeting system. The MTEF allows for linking budgets to long-term plans while maintaining fiscal discipline through its restrictions on adjustments to forward estimates.
Cambodia: Education Sector; A Short Fiscal AssessmentJean-Marc Lepain
The education sector in Cambodia has made progress but faces ongoing challenges. Enrollment has increased at primary and tertiary levels, and teacher qualifications have improved. However, education spending remains low, class sizes are still very large, dropout and repetition rates are high, and textbook provision is insufficient. Improving the education system will require increasing spending, training more teachers, expanding early education, reducing family costs, and improving performance incentives. While decentralization efforts have helped, school budgets are not always well-matched to needs between rural and urban areas. Addressing structural issues like these will require mobilizing more resources to close financing gaps.
The panel will address the current state of sovereign capital markets, the realities of issuing government debt, and the future state of financing government expenditure.
The document summarizes information about the Brazilian state of Tocantins. It was created in 1988 and established its capital in Palmas in 1989. It has experienced rapid development through investments in infrastructure, education, agriculture, and more. The Court of Accounts of Tocantins implements transparency and participatory practices like training programs and public hearings to promote accountable governance.
OECD best practices for performance budgeting - Jon BLÖNDAL, OECDOECD Governance
The document outlines draft OECD best practices for performance budgeting based on decades of experience in OECD countries. It aims to distill lessons learned and offer guidance to countries updating or newly adopting performance budgeting systems. It provides 7 key recommendations: 1) Clearly defining objectives and stakeholders, 2) Linking budgets to strategic goals, 3) Adapting to policy needs, 4) Managing performance information, 5) Creating supporting infrastructure, 6) Ensuring evaluation and oversight, and 7) Incentivizing performance-oriented behavior. Each recommendation includes further context and considerations.
Investment planning and public investment plans: Inssues and Best PracticesJean-Marc Lepain
This presentation goes through the issues in investment appraisal that result in poor outcomes. It introduces Public Investment Plans as a systematic methodology to address these issues.
The document discusses strategies for effectively allocating climate finance to implement national adaptation plans (NAPs). It recommends that climate change financing frameworks (CCFFs) can be used to integrate climate change into national planning and budgeting processes in order to plan funding for NAPs. CCFFs provide a robust framework for prioritizing adaptation actions based on factors like the scale of losses and damages addressed and the effectiveness of actions in reducing losses and damages. CCFFs also allow for developing financing scenarios, building capacity for climate budgeting and tracking climate expenditures, and facilitating monitoring, reporting and review of adaptation efforts.
Committed to the path of sustainability Excellence with EFQMJean-marc SOULIER
The document discusses the EFQM Excellence Model, which is a framework used by over 30,000 organizations worldwide to guide organizational performance and improvement. The model includes eight fundamental concepts, nine criteria with sub-criteria to assess enablers and results, and a "RADAR logic" cycle of planning, implementing, evaluating and improving. It provides a holistic assessment of an organization's strategy, processes, leadership, people management, partnerships and results. The goal of the model is to help organizations define, assess, and improve excellence by learning from others and establishing best practices.
This document outlines the purpose, concepts, methodology, design, and issues related to implementing medium-term expenditure ceilings. It discusses how ceilings can provide understanding of government costs over multiple years, separate baseline estimates from new policy impacts, and ensure realistic budgeting. The methodology section covers approaches for allocating funds across sectors and designing time horizons. Key issues addressed are scope, inflation adjustments, and managing uncertainty. Different country examples illustrate variations in coverage, specificity, time horizons, and frequency of updates.
The document outlines the curriculum and format for the CMA 2010 exam, including the following:
- Part 1 focuses on financial planning, performance, cost management, internal controls, and ethics. Topics are weighted 30-25% and are covered at a basic level.
- Part 2 covers financial statement analysis, corporate finance, decision analysis, investment decisions, and ethics. These topics are also weighted 25-20% and covered at a basic level.
- Both parts include descriptions of the topic areas and their weightings. More detailed content specifications can be downloaded from the website.
An Introduction to the Australian Mid-Term Expenditure Framework (MTEF) and P...Oswar Mungkasa
This document provides an introduction to a workshop on the Australian Medium Term Expenditure Framework (MTEF) and Performance-Based Budgeting (PBB) reforms. The aims of the workshop are to help participants better understand MTEF and PBB, examine practical examples of their application, and start planning reforms. MTEF and PBB are tools for public expenditure management that involve planning, managing, controlling, and ensuring accountability of public finances. The rest of the workshop will cover setting up a performance system, features of Australia's MTEF, and planning MTEF and PBB reforms for Indonesia over the next five years.
Syed Arif Raza has over 25 years of experience in finance, credit, risk management, and collections. He has held leadership positions at Standard Chartered Bank, Grays Leasing Ltd, PIC Leasing, First General Leasing Modaraba, and NDLC-IFC Bank Ltd. Raza has an MBA with a major in accounting and is a Certified Public Accountant and Certified Skill Assessor. He has extensive experience developing credit policies, managing portfolios, and reducing loan losses and bad debts.
This document is a resume for Syed Arif Raza, who has over 30 years of experience in finance, credit, risk management, and collection roles. He has held leadership positions at Standard Chartered Bank, Grays Leasing Ltd, PIC Leasing, and First General Leasing Modaraba. His experience includes credit approval, portfolio management, strategy development, and reducing bad debt. He has an MBA with a major in accounting and is a certified public accountant and certified skills assessor.
The document proposes introducing a revenue sharing system in Lao PDR to apportion shared revenue between the central government and provinces. It outlines a methodology using a policy framework and macroeconomic model. The revenue sharing formula is based on population, land area, and a poverty index, with weights of 45%, 10%, and 45% respectively. The formula aims to correct disparities between provinces in an equitable, transparent, and pro-poor manner. Introducing this system will require the Ministry of Finance to improve analysis and forecasting of provincial economic and budget data.
FRS 101 provides guidance on preparing and presenting general purpose financial statements. It aims to ensure comparability within an entity's financial statements over time and between entities. FRS 101 requires a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and notes. It also provides guidelines on classifying assets and liabilities as current or non-current, and disclosing additional information in the notes. The financial statements must be clearly identified and present relevant information in a fair, comparable, and understandable manner.
Fiscal decentralisation and health sector financing formulae (lao pdr)Jean-Marc Lepain
This document discusses options for developing a health sector financing formula to accompany fiscal decentralization reforms in Laos. It reviews 6 potential approaches and recommends an interim formula based on non-wage expenditures and health worker numbers. This interim formula would be developed over 1-2 years into a full health financing formula incorporating incentives and program-level funding once additional health policy issues are addressed. The formula aims to equalize funding while ensuring sufficient budgets for service delivery across diverse regions.
OECD, 35th Meeting of Senior Budget Officials - Lars Ostergaard - DenmarkOECD Governance
This presentation by Lars Ostergaard, Denmark, was made at the 35th Meeting of Senior Budget Officials held in Berlin on 12-13 June 2014. Find more information at http://www.oecd.org/gov/budgeting/35thannualmeetingofoecdseniorbudgetofficialssboberlingermany12-13june2014.htm
Budgeting is an important tool for hospital administration and management. It allows them to review hospital services and finances in a comprehensive and integrated way. The objectives of budgeting include developing standards, comparing actual results to standards, identifying deviations, and analyzing them. Budgeting has advantages like better financial planning, focus on decision making, and enhancing staff efficiency. Budgets can be short term (2 years) or long term (5-10 years) and include income/revenue accounts and expenditure accounts. Preparing a budget involves assumptions about services, economic forecasts, outlining goals, departments analyzing data, budget hearings, and approval by governing boards. Implementation considers department requirements, funds, costs, and quantities. Local conditions, management policy,
The Australians Mid-Term Expenditure Framework (MTEF). Its Features and Its U...Oswar Mungkasa
The document discusses the key features and supporting institutions of Australia's Medium Term Expenditure Framework (MTEF). The three key features are: 1) budgeting for more than one year into the future, 2) only allowing adjustments for factors outside manager control, and 3) having annual appropriations despite multi-year budgeting. Supporting the MTEF are institutions like a cabinet process for multi-year decisions, economic and program parameters, definitions of program costs, independent costing verification, and a central budgeting system. The MTEF allows for linking budgets to long-term plans while maintaining fiscal discipline through its restrictions on adjustments to forward estimates.
Cambodia: Education Sector; A Short Fiscal AssessmentJean-Marc Lepain
The education sector in Cambodia has made progress but faces ongoing challenges. Enrollment has increased at primary and tertiary levels, and teacher qualifications have improved. However, education spending remains low, class sizes are still very large, dropout and repetition rates are high, and textbook provision is insufficient. Improving the education system will require increasing spending, training more teachers, expanding early education, reducing family costs, and improving performance incentives. While decentralization efforts have helped, school budgets are not always well-matched to needs between rural and urban areas. Addressing structural issues like these will require mobilizing more resources to close financing gaps.
The panel will address the current state of sovereign capital markets, the realities of issuing government debt, and the future state of financing government expenditure.
The document summarizes information about the Brazilian state of Tocantins. It was created in 1988 and established its capital in Palmas in 1989. It has experienced rapid development through investments in infrastructure, education, agriculture, and more. The Court of Accounts of Tocantins implements transparency and participatory practices like training programs and public hearings to promote accountable governance.
International Journal on Governmental Financial Management, 2010 Vol 2icgfmconference
The article analyzes the public sector guidance on materiality in auditing from the International Organization of Supreme Audit Institutions (INTOSAI). While the private sector standard (ISA 320) addresses materiality, the public sector guidance (ISSAI 1320) supplements it with additional considerations for the public sector. However, the article finds that ISSAI 1320 does not clearly document evidence that materiality levels differ between the public and private sectors, despite evidence that they are different. The article reviews key considerations for materiality that are important for public sector auditors.
Liv watson icgfm xbrl a language of the government world englishicgfmconference
Liv Apneseth Watson presented on how governments are using XBRL (eXtensible Business Reporting Language) at the 24th Annual ICGFM International Conference on Public Financial Management. XBRL allows for structured reporting of financial data and is being adopted by governments and agencies worldwide to increase transparency and reduce costs. Examples mentioned include the Standard Business Reporting initiative in Australia and legislation in the US to require federal agencies to collect financial data in XBRL format.
2.30 3.00pm Understanding Vocab Of Perf Mgmt (Jim Brumby)icgfmconference
This document discusses performance budgeting and related concepts. It defines key terms like inputs, outputs, outcomes, and indicators. It also describes the results chain showing how inputs lead to activities, outputs, and intermediate and final outcomes. The document notes there are varying interests in performance like those of purchasers, suppliers, and regulators. It outlines objectives of performance budgeting like improving allocative and operational efficiency. Finally, it describes different OECD models of performance budgeting on a spectrum from contractual to program budgeting.
9 10.15am Challenges In Implementing A Performance Framework (P. Perczynski A...icgfmconference
Dr. Piotr Perczynski and Dr. Marta Postula discuss the challenges in implementing a performance framework through the Polish experience. The presentation highlights that there is no single international model for performance budgeting.
Country Responses to the Financial Crisis Kosovoicgfmconference
“Country Responses to the Financial Crisis”
Behxhet Brajshori, Deputy Minister, Ministry of the Economy and Finance, Republic of Kosovo
Lulzim Ismajli, Director of Treasury, Ministry of the Economy and Finance, Republic of Kosovo
Naomi Ngwira, Director, Department of Debt and Aid, Ministry of Finance, Malawi
Obadiah Mailafia, Chariman, Center for Policy and Economic Research, Nigeria
During this panel, participants will share observations of the effects of the crisis on their economies and future plans. They will also share existing tools to safeguard their investments.
The session will include a discussion on how they are mitigating the impacts and how they
expect to cover the cost. Panelists and the audience will be asked to address the following
questions.
Registration
Immediate Actions Being Taken to Manage the Impact
Is the situation different for middle vs. lower income countries?
How does the current financial crisis affect a country’s ability to borrow?
Is the situation different for resource rich countries?
Can we learn anything from previous financial crises (e.g. Asia and Latin America)?
How are recipient countries more efficiently managing their donor aid?
What is the role of the government in solving financial sector issues?
Country Responses to the Financial Crisis Naomi Ngwira Engicgfmconference
“Country Responses to the Financial Crisis”
Behxhet Brajshori, Deputy Minister, Ministry of the Economy and Finance, Republic of Kosovo
Lulzim Ismajli, Director of Treasury, Ministry of the Economy and Finance, Republic of Kosovo
Naomi Ngwira, Director, Department of Debt and Aid, Ministry of Finance, Malawi
Obadiah Mailafia, Chariman, Center for Policy and Economic Research, Nigeria
During this panel, participants will share observations of the effects of the crisis on their economies and future plans. They will also share existing tools to safeguard their investments.
The session will include a discussion on how they are mitigating the impacts and how they
expect to cover the cost. Panelists and the audience will be asked to address the following
questions.
Registration
Immediate Actions Being Taken to Manage the Impact
Is the situation different for middle vs. lower income countries?
How does the current financial crisis affect a country’s ability to borrow?
Is the situation different for resource rich countries?
Can we learn anything from previous financial crises (e.g. Asia and Latin America)?
How are recipient countries more efficiently managing their donor aid?
What is the role of the government in solving financial sector issues?
Mca mali fosters good governance and transparencyicgfmconference
The Millennium Challenge Account in Mali (MCA-Mali) received a $461 million compact from the US to fund three projects improving infrastructure and agriculture. MCA-Mali adheres to principles of good governance and transparency, with independent boards and agents, open competitive bidding, and regular audits. It publishes financial and implementation plans, reports, and evaluations online in French and English to maintain transparency with the public.
The Supreme Audit Institution for Public Sector (SAI) in the Republic of Srpska aims to provide independent opinions on laws, budgets, financial statements, resource use, and property management in public institutions. It informs relevant bodies and the public of its audit findings and recommendations through published reports. The SAI has authority to perform financial, performance, and other specific audits according to INTOSAI standards, IFAC standards, and internal instructions harmonized with international auditing standards. The SAI is an independent institution that submits audit reports and an annual work report to the National Assembly and its Audit Board, and holds press conferences to communicate its work to media.
This document discusses traditional and newer concepts of accountability in government. Traditional accountability involves vertical oversight between the executive, civil service, legislature, and oversight institutions, as well as horizontal oversight between different branches of government. Newer concepts introduce diagonal accountability to social groups and citizens. The legislature has tools like recall elections, commissions, question periods, public hearings, and contact with commissions to provide accountability of the executive, civil service, and oversight institutions.
Icgfm Budgeting In Times Of Crisis A Canadian Perspectiveicgfmconference
“Budgeting in Times of Crisis: A Canadian Perspective
on Stimulus Packages”
Kevin Page, Parliamentary Budget Officer, Parliament of Canada
Mr. Page’s role as Budget Officer is to strengthen the capacity of Parliament to better hold government to account. This is accomplished by increasing transparency in the Government’s fiscal planning framework and improving scrutiny of budgetary estimates. Mr. Page will
cover the Canadian budget process, including the role of the Parliamentary Budget Officer, and address the issues and challenges around the Canadian Stimulus Package.
Derby davis coordination and cooperation between sa is and internal auditors ...icgfmconference
This document discusses coordination and cooperation between Supreme Audit Institutions (SAIs) and internal auditors in the public sector. It outlines the roles and responsibilities of SAIs and internal auditors, benefits of coordination, potential risks, and ways to organize coordination. Coordination can occur during all phases of the audit process and includes communicating plans, collaborating on procedures, and following up on recommendations.
Georgia ipsas strategy for ipsas implementationicgfmconference
The document outlines Georgia's strategy for implementing International Public Sector Accounting Standards (IPSAS) over six phases from 2010 to ongoing. It will initially adopt a modified cash basis for financial reporting to address data limitations, and will progressively implement more accrual-based elements. Key actions include establishing a standards board, piloting with 11 entities, and translating IPSAS. Full accrual compliance is targeted for 2020, though some standards may be difficult to implement.
Budget Preparation and Monitoring Information Systemicgfmconference
The delegation from the Republic of Serbia will provide an overview of the changes that are being introduced in the budgeting process in the Republic of Serbia, specifically the major shift from a line budget to program budgeting. Presenters include:
Mr. Ivan Maričić, Treasurer, Republic of Serbia
Mr. Milorad Ivšan, Senior Advisor, Division Head, Republic of Serbia
Ms. Danka Božić, Junior Advisor in the Public Debt Management Department, Republic of Serbia
The Impact of the Financial Crisis on Public Private Partnerships
Filip Drapak, Senior PPP Specialist, World Bank
Public Private Partnerships have been an innovative technique to fund large government projects. How the financial crisis has changed this approach will be the subject of this discussion.
The document discusses various aspects of public financial management including:
1) It outlines the key components of a public financial management system including resource generation, allocation, and expenditure management.
2) It describes the evolution of budgeting approaches from line-item budgets to performance and zero-based budgeting.
3) It discusses elements of modern budgeting reforms including medium-term budget frameworks, increased transparency, and a focus on results rather than just inputs.
The document discusses financial management reforms in India. It defines public finance management and outlines some of the traditional approaches. It notes recommendations have been made to shift the focus from inputs to outcomes, adopt a medium-term budget framework aligned with plans and accounts, and provide greater autonomy and decentralization. Weaknesses in the budgetary process are also summarized, including unrealistic estimates, a lack of coordination between policy, planning and budgeting, and an overemphasis on inputs over outcomes.
The document discusses Kenya's Medium Term Expenditure Framework (MTEF) budgeting process. The MTEF was introduced in 1997 to address weaknesses in public expenditure management. It aims to create fiscal discipline, efficient resource allocation, and continuity in the budget process. The MTEF involves sector work groups preparing proposals within resource ceilings set by the Treasury. Performance has been mixed due to challenges including unrealistic budgeting, lack of long-term strategy, and political interference.
The document discusses India's fiscal system and reforms. It outlines the goals of fiscal policy as mobilizing resources, promoting growth, ensuring stability and equitable distribution. It discusses tax and expenditure reforms since the 1990s aimed at simplification, rationalization and widening the tax base. Reforms also focused on privatization, expenditure quality and reducing non-developmental spending. The document calls for further reforms to increase productive spending and finance development goals through improved resource mobilization and expenditure efficiency.
This document discusses Pakistan's budgetary system and reforms. It covers topics such as the budget preparation process, public expenditure management, reforms like the Medium Term Budgetary Framework and Medium Term Development Framework, and decentralization efforts. The objectives of public expenditure management are outlined as fiscal discipline, strategic allocation of resources in line with priorities, and good operational management. Annual budgets aim to be comprehensive while allowing some flexibility. Management controls, auditing, and evaluation aim to promote accountability and improve spending quality over time.
A critical analysis of public financial management reform in ethiopia and tan...Alexander Decker
The document provides an overview of public financial management reforms in Ethiopia and Tanzania. It discusses the following key points:
1) Both Ethiopia and Tanzania implemented selective reforms focused on systematically addressing weaknesses in financial control. Ethiopia took a hybrid approach of evolving existing systems, while Tanzania installed a new integrated financial management system.
2) Ethiopia's reforms focused on the legal framework, budgeting, accounting, reporting and automation while maintaining strong manual controls. Tanzania's reforms were driven by information technology and focused on procurement, disbursement and a central payment system.
3) Both countries' reforms were successful in improving financial control, but Ethiopia's reforms took more time to evolve existing
A critical analysis of public financial management reform in ethiopia and tan...Alexander Decker
The document provides an overview of public financial management reforms in Ethiopia and Tanzania. It discusses the following key points:
1) Both Ethiopia and Tanzania implemented selective reforms focused on systematically addressing weaknesses in financial control. Ethiopia took a hybrid approach of evolving existing systems, while Tanzania installed a new integrated financial management system.
2) Ethiopia's reforms focused on the legal framework, budgeting, accounting, reporting and automation while maintaining strong manual controls. Tanzania's reforms were driven by information technology and focused on procurement, disbursement and a central payment system.
3) Both countries' reforms were successful in improving financial control, but Ethiopia's reforms took more time to evolve existing
Nepal implemented a Treasury Single Account (TSA) system between 2009-2013 to improve expenditure control, accountability, and transparency. The system consolidated over 14,000 government accounts into 445 centralized accounts. Real-time budget execution reports are now published daily online, increasing credibility and trust in government financial data. Immediate achievements included ending idle cash balances, daily bank reconciliations, and stopping the use of overdrafts. Implementation was phased and faced resistance initially, but dedicated leadership and an emphasis on improved service delivery helped overcome challenges to reform. The TSA system is credited with enhancing cash management, budgetary decision making, and overall government credibility in Nepal.
Are public financial management reforms yielding results in the Region? - Dun...OECD Governance
This presentation was made by Duncan Last, IMF, at the 12th Annual Meeting of OECD-CESEE Senior Budget Officials held in Ljubljana, Slovenia, on 28-29 June 2016
Budgeting faces several challenges: (1) estimating an uncertain future, (2) gaining buy-in from budget holders, and (3) responding to unplanned changes. To overcome these, companies use flexible budgets, involve stakeholders, and regularly update budgets. Effective budgeting requires open communication and adapting to new information.
Budget Transparency in the Kingdom of Lesothoicgfmconference
This document discusses budget transparency reforms in the Kingdom of Lesotho, including the implementation of a Medium Term Expenditure Framework (MTEF) and an Integrated Financial Management Information System (IFMIS). The MTEF improved budget planning through medium-term fiscal forecasting and programme-based budgeting. IFMIS replaced an outdated financial system and modernized accounting processes. These reforms enhanced budget information available to stakeholders. Next steps include expanding programme budgeting and performance reporting to further promote transparency. Lessons learned stress the importance of country ownership, sequencing, and capacity building for sustainable public financial management reform.
The document discusses budget transparency reforms in the Kingdom of Lesotho, including its public financial management (PFM) reform efforts and the implementation of an integrated financial management information system (IFMIS). It provides background on Lesotho and an overview of PFM reforms, focusing on improvements to budgeting processes through a medium-term expenditure framework (MTEF) and the implementation of an IFMIS to replace an outdated financial system. It describes successes so far but also ongoing challenges to ensure sustainability of reforms.
The document outlines principles for public financial management and intergovernmental fiscal frameworks. It discusses the role of public finance in macroeconomic policy, objectives of public financial management including fiscal discipline, strategic resource allocation and operational efficiency. It also covers characteristics of good public financial management systems, principles for strategic budgeting and budget cycle management. The document then describes issues around intergovernmental fiscal frameworks, including expenditure and revenue assignments, fiscal transfers to address vertical and horizontal imbalances, and objectives of intergovernmental fiscal frameworks. Finally, it discusses design principles for intergovernmental fiscal frameworks.
Leaders from two Huron Education clients – Georgia Tech and Northern Kentucky University – described to large audiences at the annual meeting of the National Association of College and University Business Officers (NACUBO) initiatives they have undertaken that are resulting in greater efficiency and administrative cost reductions.
The Georgian government initiated public financial management reforms in 2008 to [1] develop strategic government directions and priorities, [2] conform to international standards, and [3] improve public finances and services. The reforms included establishing a medium-term expenditure framework, developing a program budgeting system, strengthening revenue management, and consolidating treasury reforms. Key components of the reforms were setting national priorities, developing a government strategy, implementing a medium-term expenditure framework, and improving annual budgeting. The reforms aimed to maintain fiscal discipline, strategically allocate resources, ensure effective use of funds, and increase accountability.
This PPT delivered in a conference organised by Administrative Staff College of India discusses what needs to be done to improve municipal finances in India.
El orador cierra la conferencia agradeciendo a los participantes y expertos por compartir su conocimiento durante los últimos tres días. Resalta que a pesar de terminar la conferencia, el conocimiento adquirido perdurará y ayudará a impulsar el progreso en los países representados. Finalmente, agradece a los patrocinadores y organizadores por hacer posible este evento, y desea un buen viaje a todos los asistentes.
The speaker closes out the three-day conference by thanking the participants and emphasizing the importance of continuing to promote transparency, accountability, and good governance when returning home. Key principles discussed at the conference such as these form the foundation of strong public financial management and help inspire public trust. With over 100 representatives from around the globe in attendance, the knowledge shared has great potential impact, and the speaker hopes participants will continue the discussion with colleagues.
Este documento resume tres proyectos que buscan mejorar la movilización de recursos nacionales en Afganistán, Vietnam y Túnez. En Afganistán, el proyecto ATAR está automatizando los procedimientos aduaneros, gestionando el riesgo y estableciendo estándares de auditoría y conducta. En Vietnam, el proyecto GIG está promoviendo altos estándares en las compras públicas. Y en Túnez, el proyecto TCP está apoyando la reforma fiscal a través del análisis de políticas.
This document summarizes presentations from three USAID-funded projects working to improve domestic resource mobilization:
1) The Afghanistan Trade and Revenue Project is working to modernize customs procedures through electronic payments, risk-based inspections, internal audits, and professional standards to increase revenue collection.
2) The Vietnam Governance for Inclusive Growth Project is promoting high procurement standards to comply with trade agreements and strengthen transparency, including revising laws, training officials, and expanding e-procurement.
3) The Tunisia Tax and Customs Reform Activity used modeling and analysis to develop reforms simplifying taxes and customs duties that were included in the 2016 Finance Law, and it aims to establish a Fiscal Analysis Unit to
Institutional transparency is key to preventing corruption. When corporate records, court documents, government procurement records, and media are publicly accessible online, it allows companies to thoroughly research potential partners and identify "red flags" like obscure ownership structures, corruption allegations, or ties to government officials. However, transparency varies greatly between countries and even within countries. In Brazil, for example, corporate records availability ranges from comprehensive online databases to only being available on-site for a fee. Where transparency is lacking, it constrains the private sector's ability to conduct proper due diligence and avoid corrupt partners and transactions.
This document summarizes a political scientist's perspective on corruption from an international conference on governmental financial management. It discusses how corruption is correlated with levels of economic development, political institutions, economic rents, bureaucratic and political incentives, taxation systems, customs agencies, and budget management processes. Potential solutions are outlined like reforming laws and procedures, increasing transparency, oversight, and technology, and strengthening institutions.
The document discusses how capturing illicit financial flows can help fund achieving the UN's Sustainable Development Goals. It notes that $1 trillion in illicit capital leaves developing countries annually, contributing to an estimated $2.5 trillion annual funding gap for the Goals. While political will exists to reduce these flows, misinvoiced trade accounts for $878 billion per year. The document introduces a Trade Misinvoicing Assessment System (TMAS) that analyzes pricing data to help customs officials identify misinvoiced goods shipments, which could help capture more revenue domestically and close the funding gap.
This document discusses how natural resources are embedded within many of the UN's Sustainable Development Goals (SDGs) and how corruption is often linked to countries that rely heavily on natural resource exports. It notes that while there is no standalone "natural resources" SDG, natural resources relate to goals around ending poverty, achieving food security, access to clean water and affordable energy, sustainable economic growth, reducing inequality, sustainable consumption and production, climate action, and more. It then outlines how corruption is more common in countries with weak institutions that rely on natural resource exports, especially oil, and explains some of the political and economic factors that can contribute to this "resource curse". The document concludes by noting increased calls for transparency and accountability in
La iniciativa de Addis Ababa busca que los países recauden más fondos domésticos para alcanzar los Objetivos de Desarrollo Sostenible. Desde la conferencia de Addis Ababa en 2015, varios países y organizaciones han trabajado para mejorar la recaudación de impuestos domésticos, como Rwanda que se unió a la iniciativa y Afganistán que comenzó un programa de recaudación de impuestos domésticos. Otras áreas de enfoque incluyen la erosión de la base imponible y la transferencia de beneficios
The document summarizes the Addis Tax Initiative agreed upon at the Third International Conference on Financing for Development. The initiative is a partnership to improve domestic resource mobilization by encouraging donors to increase funding for tax systems and developing countries to raise tax revenues to fund development goals. Several countries and organizations have signed on to the initiative and some progress has been made through diagnostic tools and programs in countries like Rwanda and Afghanistan. Other related efforts on base erosion, tax incentives, and private sector participation are also discussed.
El ICGFM es una comunidad internacional fundada en 1978 dedicada a mejorar la gestión de finanzas públicas. Reúne a líderes y practicantes de finanzas gubernamentales de todos los niveles para promover el intercambio de mejores prácticas. Ofrece conferencias, publicaciones y certificaciones para apoyar el desarrollo profesional continuo de sus miembros individuales y organizacionales.
The International Consortium on Governmental Financial Management (ICGFM) is a non-profit founded in 1978 that brings together leaders and practitioners in public financial management from local, state/provincial, and national governments. It facilitates sharing best practices and thought leadership in PFM through biannual conferences, an international journal, surveys, and a speaker series. Membership includes sustaining organizations, organizational members like governments and non-profits, and individual practitioners and specialists.
1) El documento analiza las formas de asistencia estatal y apoyo presupuestario a la economía de Ucrania, incluidos subsidios, exenciones impositivas, garantías estatales y proyectos de inversión.
2) Se describe la Ley de Ucrania sobre la asistencia estatal a entidades comerciales, que establece criterios para evaluar diferentes categorías de asistencia como apoyo a PYMEs, capacitación laboral y desarrollo regional.
3) Los datos muestran que entre 2011-2014, los subsidios y
This document discusses Ukraine's tax reform efforts to support economic development. Key measures of the 2014 tax reform focused on increasing budget revenues through expanding excise taxes and property taxes. Rates for corporate and personal income taxes were also increased. However, the reform also aimed to enhance entrepreneurship by reducing some tax benefits and making the tax system more transparent and efficient to improve the business climate. Overall, the tax changes helped address fiscal consolidation but further reforms are still needed to minimize taxes' negative impact on growth and bring more business out of the shadow economy.
The document summarizes the fiscal policies and transparency initiatives of the Cordoba Province government in Argentina. It discusses efforts to improve transparency through legal reforms, quality management systems, and new technologies. Key policies and programs include joining the Fiscal Responsibility Regime in 2004, passing the Financial Administration Law in 2003, creating regulatory compendiums, and adopting Resolution 364/09 to establish transparency policies. The province also publishes information through its transparency portal, citizen budget, audits, and sustainability reports to encourage public participation in fiscal management.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
What Lessons Can New Investors Learn from Newman Leech’s Success?
Mon 130 Angelovska
1. Winter 2008 Conference, Washington Country Perspectives on Advancing Public Financial Management Reform-What Really Works PFM REFORM LANDSCAPE Anita Angelovska-Be ž oska National Bank of Republic of Macedonia