IDB and IMF Launch a New Book on PFM Reforms in Latin America

Pages from Public Financial Management in Latin America_ The Key to Efficiency and Transparency,Gestion financiera publica en America

Posted by Carlos Pimenta and Mario Pessoa[1] 

The International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) launched today the English version of the book “Public Financial Management in Latin America: the key to Efficiency and Transparency”. The volume, which was edited by Carlos Pimenta and Mario Pessoa, is a joint work based on extensive technical assistance provided by both institutions. 

The areas covered in the book include treasury single accounts, performance indicators for treasury management, financial management information systems, accrual accounting, cash and debt management, public procurement, and cost accounting. These topics were selected to bridge the gap in the literature about the results achieved in the region. 

The book comprises eight chapters. In the first chapter, “Public Financial Management in Latin America: The Key to Efficiency and Transparency”, the editors present an overview of the book, outlining the main components of PFM that are examined in the subsequent chapters. These components hinge on four key dimensions, namely: (i) the relationship and complementarity between PFM and macro-fiscal issues; (ii) the efficiency of PFM systems; (iii) the contribution of PFM to public resource management; and (iv) the impact of PFM on transparency and accountability. 

Chapters 2, 3, 4, and 7 cover aspects more specifically related to improving efficiency and performance, including the development of indicators to measure the efficiency of treasury management; organizational arrangements for cash and debt management; management of treasury single accounts; and the role of information and communication technologies to include the main PFM functions within an integrated framework. Chapter 6 discusses the experience of the State of Sao Paulo in implementing a cost-base accounting systems for public services, while Chapter 8 analyzes the progress in procurement management in Latin America. Finally, Chapter 5 explores the impact of modern public accounting on transparency and accountability.

The Spanish and English versions of book can be downloaded at

[1] Carlos Pimenta is a principal specialist in the Fiscal and Municipal Management Division of the IDB, Mario Pessoa is deputy division chief of the Public Financial Management Division II of the IMF’s Fiscal Affairs Department.

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