Budget reliability

FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

Question

(a) Governments have been encouraged to invest in building strong public financial management. The Public Expenditure and Financial Accountability (PEFA) framework has been developed to assess the public financial management systems of countries with the aim of helping them to improve their public financial management system.

Required:

(i) With reference to the PEFA, discuss the THREE outcomes that a country derives from establishing an open and orderly public financial management system.

(ii) Explain the seven pillars of an open and orderly public financial management system.

Answer

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Tags: Asset management, Budget reliability, Fiscal Discipline, PEFA, Public Financial Management, Resource Allocation, Service Delivery, Transparency
Level: Level 2

Topic: Public Financial Management Systems

PSAF – L2 – Q2.3 – Public expenditure and financial accountability framework

Discuss seven PEFA pillars for building a public financial management system in a developing country.

Question

You have been appointed as the consultant to develop a robust public financial management system for a developing country.

Required:

(a) Discuss seven pillars upon which you will build your public financial management system, referencing the PEFA framework.

(b) Explain three outcomes you would expect from the public financial management system you have designed, guided by the PEFA framework.

Answer

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Tags: Asset management, Budget reliability, Fiscal strategy, PEFA framework, pillars, Public Financial Management, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework

PSAF – L2 – Q2.2 – Public expenditure and financial accountability framework

Map eight observations on Zamora's PFM to PEFA pillars and discuss their impact on the related pillar.

Question

The following observations were made regarding public financial management in Zamora:

(i) Over the years, governments have included superfluous projects and programs in the annual budget, which were not intended to be achieved. Consequently, these projects and programs were not delivered to the people.

(ii) In Zamora, the annual budget is presented to the entire parliament and broadcast live on radio and television for all Zamorians to hear and see. Subsequently, the entire budget is published in newspapers and finally gazetted when approved.

(iii) It is becoming difficult to access the financial reports of many covered entities, and these entities also fail to post the financial reports on their websites for public access.

(iv) In recent years, the government has invested significant resources into implementing the International Public Sector Accounting Standards (IPSAS), resulting in over 90% implementation of the standards across the public sector.

(v) The Audit Service has been denied resources to operate because it is perceived as overly critical of corruption in the public sector.

(vi) Managers of State-Owned Enterprises (SOEs) were given high salaries and allowances despite making huge losses for the state.

(vii) Resource allocation is mostly done based on intuition and personal preferences rather than a well-formulated policy-based fiscal strategy.

(viii) The adoption and implementation of the Zamora Integrated Financial Management Information System (ZIFMIS) have helped the government improve budget controls.

Required:

Map out each observation (a-h) to PEFA’s pillars of public financial management and discuss how each affects the related pillar.

Answer

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Tags: Accounting and reporting, Asset management, Audit and scrutiny, Budget execution, Budget reliability, Fiscal strategy, PEFA pillars, Public Financial Management, Transparency
Level: Level 2

Topic: Public expenditure and financial accountability framework

Tag (SQ): Budget reliability

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FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

PSAF – L2 – Q2.3 – Public expenditure and financial accountability framework

Discuss seven PEFA pillars for building a public financial management system in a developing country.

PSAF – L2 – Q2.2 – Public expenditure and financial accountability framework

Map eight observations on Zamora's PFM to PEFA pillars and discuss their impact on the related pillar.

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Tag (SQ): Budget reliability

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FM – L2 – Q124 – Public Financial Management

Discuss three outcomes and seven pillars of an open and orderly PFM system per PEFA framework.

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PSAF – L2 – Q2.3 – Public expenditure and financial accountability framework

Discuss seven PEFA pillars for building a public financial management system in a developing country.

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PSAF – L2 – Q2.2 – Public expenditure and financial accountability framework

Map eight observations on Zamora's PFM to PEFA pillars and discuss their impact on the related pillar.

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