Public financial management reform in a period of global adjustment
- Grant Thornton, The International Consortium on Government Financial Management (ICGFM)
- Dec 2013
- Grant Thornton, The International Consortium on Government Financial Management (ICGFM)
- International
Many observers have described how weak PFM systems contributed to, and failed to minimize the impact of, the financial crisis. One of the clear lessons that has been drawn from the crisis is that many governments did not sufficiently employ risk management into their PFM practices. As a result, they were caught off guard when adverse conditions triggered unexpected liabilities, forced public assumption of previously private indebtedness, and dramatically impacted revenues and trade flows. Another aspect on which governments are now focussing is service delivery. Lastly, efficient public procurement has climbed up the list of government priorities post 2008.
