Public Financial Management (PFM)
Public financial management is a critical component of good governance and is essential to achieving and sustaining public policy objectives and broader positive economic outcomes. Considering its critical role (especially within the context of dwindling resources, limitless needs and increased pressure on public sector budgets) in delivering sustainable development goals, decision makers have a responsibility to ensure:
needs are prioritised; there is accountability, transparency and efficiency in the management of public resources and that proactive measures to reduce corruption and plug leakages are in place.
SEISMIC offers technical assistance in PFM to policy makers and other stakeholders in the social sectors. Specific areas of support include:
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Deployment of Financial Management Information Systems (FMIS) and other tools
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Public finance policy assessment (including PEFA), formulation, implementation & evaluation
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Budget execution support (commitment controls, cash/debt management, treasury operations)
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Public sector accounting systems (chart of accounts, single/double cash/accruals, etc)
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Budget process management and analysis
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Development of Midterm Expenditure Framework (MEF)
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Capital investment planning in the public sector
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Audit, financial control and reporting in the public service
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Formulation and evaluation of general & sector budget support programmes
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Decentralisation and sub-national finance, including fiscal decentralisation