July 09, 2014

Australia to Enhance its Performance Management Framework

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Posted by Kris Kauffmann

Australia is widely recognized as a pioneer of the medium-term programmatic approach to budgeting but recent self-examination of these reforms indicates a need to strengthen the government’s approach. A strong performance management framework remains critical to the success of the Australian reforms. A range of recommendations to strengthen the framework have now been adopted that should be of interest to other jurisdictions intent on strengthening performance management in the public sector.

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July 01, 2014

Job Offer: Head of PEFA Secretariat – Washington, DC

  PEFA

 The World Bank is hiring on behalf of the PEFA partners (the World Bank, the European Commission, the UK Department for International Development, the Swiss State Secretariat for Economic Affairs, the French Ministry of Foreign Affairs, the Norwegian Ministry of Foreign Affairs, and the International Monetary Fund) a new head for the PEFA Secretariat. PEFA is the most successful globally-used country diagnostic tool in the public financial management space. The PEFA secretariat supports the development and use of the PEFA instrument through training, quality assurance, functioning as the global reference point for interpretation of the PEFA Assessment Framework and implementation of the PEFA Work Program. The Head of the PEFA Secretariat is responsible for the day-to-day management of the PEFA program activities and resources and of the Secretariat, and for being a primary source of knowledge and advice to the PEFA partners about the oversight and management of the PEFA framework. As readers of the PFM blog may know, the PEFA framework is presently being updated. The job advertisement for the position can be found by clicking the link below. 

Apply Here!

Note: The posts on the IMF PFM Blog should not be reported as representing the views of the IMF. The views expressed are those of the authors and do not necessarily represent those of the IMF or IMF policy.

June 30, 2014

How Expenditure Rules Can Help Get Public Spending Right

FM Blog PIx

Posted by Xavier Debrun

The April 2014 issue of the IMF’s Fiscal Monitor usefully reminded us of a simple truth: getting government spending right entails tough choices, always and everywhere. Since 2008, elevated risks of economic and financial collapse had forced policymakers to think mostly in terms of how much government money should be injected in the economy. Now that the crisis has morphed into an uneven recovery, more attention is being given to ensure that public finances are on a sustainable path, and that the allocation of resources through the budget is efficient and in line with a country’s spending priorities.

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June 27, 2014

Shining a Light on the “Hidden Corners” of Public Finance

  Hidden PFM

By Paolo de Renzio[i]


When the financial crisis broke out in 2008, many governments were caught off guard. In many cases fiscal risks had not been correctly assessed, leaving unexpected and unprecedented gaps in public finances. This in turn led to the adjustment and austerity measures which are still being felt today. According to the IMF’s own calculations, almost a quarter of the unexpected increases in government debt after the crisis were due to “incomplete information about the government’s underlying fiscal position”. In other words, serious gaps in fiscal transparency were at least partly to blame, and these were often related to particular areas of public finances that are kept hidden from public view. This includes activities that are not captured in the regular budget system and the reports generated throughout the annual budget cycle. Quasi-fiscal activities carried out by public corporations and extra-budgetary spending figure prominently among such activities.

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June 23, 2014

In Defense of Forecasting: Its Importance in the Budget Process

Boule de crystal
Posted by Tom Josephs
1

Recent research by IMF economists Hites Ahir and Prakash Loungani shows that forecasters comprehensively failed to predict the recessions that followed the 2008 financial crisis.2 This was the case even for forecasts made in early 2008 — after the collapse of Bear Stearns bank and with the crisis well established. This prompted the economist Tim Harford to write recently in the Financial Times that: “The obvious conclusion is that forecasts should not be taken seriously….It is still a source of constant wonder to me that the demand for forecasts – in economics and elsewhere – remains undiminished.”3

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June 20, 2014

Sovereign Wealth Funds—The Keys to Success

  SWF

Posted by Andrew Bauer1

A sovereign wealth fund (SWF) should serve a purpose; this seems obvious. Yet time and time again, as discussed in my previous blog, funds are established with no clear purpose or do not achieve their stated objectives.

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June 16, 2014

Book Review: Public Financial Management and its Emerging Architecture

9781475531091
Taking Stock and Looking in the Crystal Ball

Posted by John Kamensky1

I count myself as a close observer of U.S. trends in performance and budget reform efforts. But every so often, I find it useful to step back and survey global trends to gain a fresh perspective, and a new appreciation, of the art of the possible.

With that lens, I read the International Monetary Fund’s publication, Public Financial Management and Its Emerging Architecture,2 edited by Marco Cangiano, Teresa Curristine, and Michel Lazare, and found it provides me with the global perspective — and inspiration — I was looking for.

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June 12, 2014

Clouds on the Horizon - Part II

Cloud_Computing_1

 

 

 

 

 

 

 

 

 

 

Posted by Chris Iles and Benoit Wiest

This article is the second part of a two-part blog post that discusses cloud computing in the public sphere, especially in developing countries. It outlines the opportunities and obstacles, and discusses key issues to be considered.

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June 11, 2014

Job Offer: Public Financial Management Resident Advisor based in Cote d'Ivoire

AFRITACouest

Description

The Fiscal Affairs Department (FAD) of the IMF is looking for a well-qualified expert to fill a Public Financial Management (PFM) Resident Advisor position at the West African Regional Technical Assistance Center (West AFRITAC), established in 2003 and based in Abidjan, Côte d’Ivoire since 2012. The Advisor’s appointment term would be for a period of one year, on a renewable basis, subject to satisfactory performance.

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Job Offer: Public Financial Management Resident Advisor based in Cote d'Ivoire" »

Offre d'emploi: Conseiller résident en gestion des finances publiques (basé en Côte d'Ivoire)

AFRITACouest

Description

Le Département des finances publiques (FAD) du FMI recherche un expert hautement qualifié pour occuper un poste de Conseiller résident en gestion des finances publiques (GFP) au sein du Centre régional d’assistance technique pour l’Afrique de l’Ouest (AFRITAC de l’Ouest) créé en 2003 et basé à Abidjan, en Cote d’Ivoire. La durée du contrat proposé est d’un an, renouvelable sous réserve de satisfaire aux performances attendues.

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Offre d'emploi: Conseiller résident en gestion des finances publiques (basé en Côte d'Ivoire)" »

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