Abstract:Successful development depends in large on the efficiency, integrity, and effectiveness with which the state raises, manages, and expends public resources. Therefore, improving the formal and informal rules and institutions that govern these activities, and strengthening the related human and technological capacities, should be a major component of any development approach. Improved Public Financial Management (PFM) is at the core of good governance and lies at the heart of the Millennium Development Goals. For this reason, in the 2005 Paris Declaration, partner countries committed to strengthen their national PFM systems, and donors committed to use those systems to the maximum extent possible. Both partners and donors agreed to accelerate and deepen these commitments during the Third High Level Forum on Aid Effectiveness held in Accra, Ghana in September 2008.
Document Type: Review Article
Publication date: March 1, 2009