Posted by Jérôme Bonherbe
Directives issued by the West African Economic and Monetary Union (WAEMU) contain many provisions on public financial management (PFM). These provisions include better access to budget information, multiyear budgeting, results-oriented management, decentralized budget execution, and a new accounting and financial monitoring framework. Most of the provisions relating to public information and budget formulation came into effect in 2012. The deadline for implementing the remaining provisions, mainly on budget execution and controls, is set for 2017.
The WAEMU Commission recently carried out a self-assessment of the PFM reforms required by the Directives. This exercise used a tool prepared by the Commission that includes a range of objective, evidence-based indicators for each of the six Directives. A similar approach and tool are being employed by the CEMAC Commission for its countries.