Moving Forward in PFM for Sustainable Economic Growth and Development

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Presentation transcript:

Moving Forward in PFM for Sustainable Economic Growth and Development The Road Ahead Moving Forward in PFM for Sustainable Economic Growth and Development Katherine Barraclough, Consultant, World Bank Public Financial Management Workshop, NOSPA, Vientiane, Lao PDR May 23-26

Main Areas of PFM Governance Budget Preparation and Planning Budget Execution, Accounting and Fiscal Reporting Debt Management Audit and Ex-post Control Revenues

Sustainable Growth and Development Sustainable growth and development depends on: Capacity development “the ability of people, institutions and societies to perform functions, solve problems, and set and achieve objectives” (UNDP, 2002) Need to consider the individual, organisational and institutional level Developing realistic goals Need to recognise the challenges, priorities, and constraints

Ingredients for Capacity Development in PFM Source: WBI, “Capacity Enhancement Brief”

Sustainable Growth and Development Appropriate indicators, timetable and targets Economic growth and development is an incremental process that depends on improvement in capacity over time Sequencing an action plan Monitoring and evaluation Assess qualitative and quantitative progress using appropriate country-level mechanisms Credibility, accountability and transparency High level ownership and commitment Exercise leadership in developing and implementing national development strategies Commitment to follow through and lead by example

Sustainable Growth and Development Equitable growth Growth is good for the poor but there is a positive correlation between growth and inequality Equality of opportunity is complementary to long-term growth Strengthening controls and eradicating corruption Institutional restraints on power Political accountability Competitive private sector Public sector management Civil society participation Better use of aid (donor coordination) A government led strategy supported by a coordinated program of work by donors

“The long-term starts today” Moving Forward in PFM Develop a country-driven strategy Consider country priorities and institutional capacity Balance support between the different components of PFM Success in one area can be limited by lack of progress in another Present a long-term vision Develop a holistic economic and social development program, based on broad support Be results-oriented Set realistic objectives linked to resources and effective feedback mechanisms Support a coordinated assistance program Integrate both donor and government resources “The long-term starts today”