- 10 Marks
PSAF – L2 – Q6.1 – The context of public financial management
Question
Before the implementation of the Integrated Financial Management Information System (IFMIS), public financial management faced numerous challenges.
Required:
Discuss five challenges of public financial management prior to the implementation of the IFMIS platform.
Answer
- Lack of interface/integration between various PFM Systems
- Inadequate budgetary controls over public expenditure
- Lack of transparency in budget execution
- Poor record keeping on public financial transactions
- Undue delays in processing transactions due to cumbersome manual processes
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