- 20 Marks
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.
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