i) Three key objectives of an orderly and open public financial management system:

1. Aggregate Fiscal Discipline: Ensuring that total government revenue and expenditure are aligned with macroeconomic and fiscal targets, avoiding unsustainable borrowing levels.
2. Allocative Efficiency: Ensuring that public resources are distributed in accordance with strategic priorities and national development goals.
3. Operational Efficiency: Achieving maximum value for money in the delivery of government programs and services.

ii) Ways of Enhancing Each Stage of the Public Financial Management Cycle:

Planning Phase:

• Establish clear and realistic fiscal and macroeconomic targets.
• Adhere to fiscal policy guidelines under the Public Financial Management Act.

Budget Preparation and Approval Phase:

• Strengthen the budget preparation process with accurate costing of projects.
• Ensure parliamentary oversight and scrutiny in budget approvals.

Budget Execution Phase:

• Implement effective procurement processes for goods, works, and services.
• Strengthen expenditure control and payment verification mechanisms.

Accounting, Recording, and Reporting Phase:

• Maintain a strong financial recording and accounting system.
• Ensure compliance with International Public Sector Accounting Standards (IPSAS).

Review and Audit Phase:

• Enhance internal and external audit functions to ensure accountability.
• Strengthen parliamentary review of public financial reports.