World Bank s Broad Objectives of Public Financial Management (PFM)

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2 World Bank s Broad Objectives of Public Financial Management (PFM) Achieve overall fiscal discipline Allocation of resources to priority needs Efficient and effective allocation of public services 2

3 USE of Country System The World Bank as well as other International Financial Institutions (IFIs) committed to increased use of country systems and strengthening PFM, in various international forums such as, Paris Declaration on Aid Effectiveness (2005), Accra Agenda for Action (2008), Busan Declaration (2011) 3

4 The World Bank South Asia Region (SAR) PFM Agenda Assessment of performance of the country PFM system and use of Country Systems Support policy dialogue on PFM Fiduciary Risk Management Ensure a credible Public Financial Accountability (PFA) Framework Support with capacity building measures 4

5 SAR Public Financial Accountability (PFA) Framework Use of country FM systems as the default Capacity Building measures for external as well as internal clients, (e.g. (i) Training for Royal Government of Bhutan in FM Forensic Accounting and Preventive Measures to deal with F&C, (ii) ADB and WB collaboration for delivering common procurement training program, (iii) Training program for project staff) Introduction of e Disbursements in the Region to enhance efficiency in payment system and reduce transaction cost 5

6 SAR Country Specific PFM Program 6

7 Afghanistan In the fragile environment and amongst several security concerns, the Bank successfully supported PFM reforms, resulting in: Stronger institutional capacity in the central level institutions Centralization of accounting and payments in treasury Centralized oversight of procurement function 7

8 Afghanistan Capacity building measures resulted in 5 fold increase in the funding from various donors for Afghanistan Reconstruction Trust Fund (ARTF) during the last 10 years, from $184 million to $933 million Continued support in the development of Afghanistan Public Procurement regime and capacity building and monitoring of procurement activities in line ministries through the Procurement Policy Unit 8

9 Afghanistan Bank's Support in PFM TA for PFM Reform under IDA and the Afghanistan Reconstruction Trust Fund (ARTF) PFM Reforms under Budget Support Operations ($195 million for 4 operations) (e.g. Improvements in legal framework, improvements in budget management processes, including a MTEF, improvements in civil service efficiency, merit based recruitment, stronger monitoring framework information system in health and education, improvements in fiscal policy and planning, increased transparency of accountability in the management of public finances) 9

10 Afghanistan Public Financial Management Reform Project II (PFMR II) resulted in a much stronger control and governance environment. Support in (i) Establishment and functioning of the National Steering Committee to begin the process of establishing and regulating accounting and auditing (ii) Providing assistance to MoF to implement new audit methodology for the state budget statements (iii) Reviewing for 7 key line ministries focusing on improvements in FM and reporting and controls. 10

11 Afghanistan Successes in PFM PFM Performance has been good Modern, robust PMF legal framework in place Effective automation of centralized budget controls, accounting and payment functions TA on PFM generally well coordinated and effective Transparent budget process, timely and reliable fiscal reporting Key Challenges in PFM PFM performance depends on consultants risk of sustainability Possible reversals on legal framework, procurement law and internal audit Limited automation of systems for line ministries HR, purchasing, contract and asset management, revenue Most TA on PFM is off budget Budget and Treasury not well coordinated Poor external accountability 11

12 Afghanistan MEANS TO ADDRESS KEY CHALLENGES Preserve the current good PFM performance Raise the PFM competency of line ministries Achieve sustainability of PFM skills Improve accountability 12

13 Bangladesh Implementing an extensive capacity development program through twinning arrangements of international and local institutes that started with Public Procurement Reform Project in 2003/4 which is continuing now in second phase A core competence program of the Chartered Institute of Purchasing and Supply (CIPS/UK) ongoing along with an incentive program for a top up Master s through BRAC University for top performance. Results Achieved include (i) development of about 30 national trainees (ii) 3 week training to about 2500 public officials in the second reform project (iii)short courses for about 3000 officials/auditors/policy makers Support for the SAI to strengthen the institutional arrangement through enactment of Audit Law; and strengthening external auditing 13 practices to the level of international standards.

14 Bangladesh Bank s Support in PFM Policy Note for new Government Review of the institutional arrangements for public expenditure, FM and procurement Development Policy lending with PFM policy reforms and disbursement trigger Country Harmonization Action Plan Local Consultative Group for Governance and PFM Strengthening Public Expenditure Management Program (SPEMP) 14

15 Bangladesh SPEMP Objectives To strengthen core institutions for budget management and accountability mechanism with a particular emphasis on the performance focus of the MTBF and the establishment of a comprehensive government accounting and financial management system To strengthen the capacity of the C&AG to audit the effectiveness of the PFM systems and to advise the Parliament and the public on progress and areas where further strengthening is needed To strengthen the capacity of parliament, particularly through financial oversight committees and gradually strengthen the demand for better public expenditure management 15

16 Bangladesh SPEMP Intended Results Stronger, more accountable and transparent public finance institutions Stronger and more capable oversight functions of the government, ensuring accountability with public resources A more informed educated population, aware of their rights of asking questions 16

17 SPEMP Partners Donors Government DFID CIDA CAG EKN EC Parliament Secretariat MoF Danida 17

18 Bangladesh Key Challenges Public perception of PFM reveals limited awareness Resistance to reform within the MoF Issues in civil services Slow decision making process and procurement 18

19 Bangladesh Means to Address Challenges One of the most comprehensive PFM reform programs with a fully harmonized approach from development partners Reform priorities and sequencing need astute political economy consideration Calls for flexible and adaptable approach to frequently changing nature of leadership in key institutions Combination of stand alone projects and just in time technical assistance proves highly effective 19

20 Bhutan PFM Journey Strengthening PFM environment a high priority Tenth Five Year Plan includes strengthening good governance as core principles of Bhutan s development planning Use of country systems for accounting and financial reporting 20

21 Bhutan Success Indicators 2010 TI Corruption Perception Index score for Bhutan was 5.7 the least corrupt country in South Asia and 36 th least corrupt out of 178 nations globally 21

22 Bhutan Bank's Engagement in PFM Dialogue Country Financial Accountability Assessment (CFAA), February 2001 Successful implementation of Public Expenditure Management System (PEMS) Two IDF Grants provided to build PFM capacity: i. First IDF (March 2003) supported in building a strong financial management and public accountability framework, increased skills in accounting and budgeting and strengthen its management training institute ii. Second IDF (December 2010) supports building capacity at MoF adopting Public Sector Accounting Standards, strengthening FMIS, implementing internal audit, and building capacity at 22 Royal Audit Authority (RAA)

23 Bhutan A Journey Forward to improving PFM RGoB proposes to prepare and adopt a time bound Action Plan to bring improvement in PFM Framework Bank will support RGOB s initiatives through TA, diagnostic work and other non lending support Possibility of MDTF to be established to strengthen PFM 23

24 India Specific issues in PFM as revealed by a PEFA Assessment (2010) undertaken by National Institute of Public Finance and Policy (NIPFP) Overall budget credibility affected by the absence of a hard budget constraint Almost all states have a Fiscal Responsibility and Budget Management Act to guide the determination of the overall budget constraint, complemented by a Medium Term Fiscal Plan. But, underlying budgeting process not changed sufficiently to internalize medium term fiscal planning. 24

25 India A lot of scope for unifying and improving PFM System An integrated FMIS incorporation systems for management of personnel database and payroll records at Central Government level does not exist Internal audit a weak link in the PFM system Expenditure commitment controls not effective Improving the oversight arrangement (external audit, parliamentary review of audit reports), a challenge due to inadequate demand for accountability from various stakeholders 25

26 India PFM Reform Initiatives Creation of output oriented budgets through Central Plan Monitoring System Computerization of Treasury Initiation of Risk Based auditing approaches Inclusion of Social Audits in programs Right to Information Act strengthening governance environment by enhancing transparency Updates of the GoI General Financial Rules (2010) 26

27 India Non lending TA (NLTA) to WB Partnership in PFM (1) Budget Division, MoF to strengthen performance budgeting and roll out of the new seven dimensional chart of accounts (2) Controller General of Accounts to strengthen and rollout MIS across India (3) Strengthen Debt Management (4) Advisory support to academic, research and training institutions on PFM Performance Measurement Framework (5) CGA to support seminar on Integrated FMIS of GoI 27

28 India Analytical Works Report on Observance of Standards and Codes (ROSC) in Accounting and Auditing State Financial Accountability Assessment (SFAA) and PFM Notes (10 States) IDF grants for capacity building to CAG (Strategic Plan, Financial Attest Audit), MoF (accrual accounting, internal audit, debt management system) Policy Notes on financial accountability arrangements in (i) Centrally Sponsored schemes, (ii) Power Sector, (iii) Panchayati Raj Institutions and (iv) Gap Analysis of Government Accounting with International Standards 28

29 Maldives PFM Reform Initiatives in Partnership with the World Bank Strengthening the Office of the Auditor General (Audit Act provided independence to the AG) Implementation of a Public Accounting System (PAS) completed across all government agencies, resulting in a centralized payment system, covering about 190 spending agencies (improved fiscal discipline and control; paperless transaction, processing payments through a TSA and generating real time expenditure reports). 29

30 Maldives PFM Challenges/Way Forward Impeachment of AG (2010) (resulted in delay of issuing audit reports) AG re appointed in 2011 WB providing new IDF grant to further build capacity in OAG 30

31 Nepal Evolution of PFM PEFA Assessment (2007) concluded that PFM System was welldesigned but unevenly implemented, thus posing fiscal and fiduciary risks to budgeting resources and donor funds GoN in collaboration with DPs formulated a Development Action Plan that described the Road Map for strengthening PFM System and processes. GoN formed a PFM Steering Committee in 2008, chaired by the Finance Secretary and set up a PEFA Secretariat to coordinate the PFM reform initiatives GoN approved a PFM Reform Program, Phase I ( ) in 2009 with the objective of adopting a holistic approach to PFM reforms encompassing both the institutional and technical aspects. 31

32 Response to PFM Challenges What? MDTF Our Immediate Response to Address PFM Challenges How? Result? Through effective harmonized donor coordination Working in close partnership with government Overcome immediate challenges Help implement Government s PFM Priorities Capacity Development Better PFM Results on the Ground 32

33 Nepal MDTF Development Objective Strengthen Public Financial Management, Transparency and Accountability by establishing a flexible Source of Financing 33

34 MDTF Partners Donors Government Norway MoF Denmark PEFA Secretariat Government of Nepal 34

35 Nepal Key Results 1 Improved Resource Management as a result of strengthened PFM System and Processes 2 3 Increased Awareness and Oversight of Government PFM Processes Better Knowledge of Value of Money challenges and PFM Performance Gaps, and strategic priorities 35

36 MDTF Components Component 1 Component 2 Component 3 Component 4 Strengthening PFM systems and Capacities Enhancing Accountability Deepening Knowledge MDTF Administration and Management Partners MOF NPC FCGO OAG Civil Society Organization (CSOs) Public Accounts Committee CIAA Transparency Int l National Vigilant Center MOF NPC Line Ministries Development Partners Program Coordination Committee 36

37 Pakistan Evolution of PFM Promulgation of the Controller General Accounts Ordinance and the Auditor General s Ordinance (2001) Separated roles and responsibilities of the CGA and the AG regarding accounting and auditing respectively The AG has authority for prescribing the form of accounts of the GoP The MoF rolled out Medium term budgetary framework (MTBF) to all line ministries. Abolished personal ledger accounts The Federal and all provincial governments have established procurement regulatory authorities (PRAs) Project for Improving Financial Reporting and Auditing (PIFRA) contributed towards overall improvements of PFM 37

38 Analytical Works Repeat PEFA Assessment June 2012 PEFA assessment, Sindh Province 2009 Public Expenditure review for Khyber Pukhtunkhwa province recently finalized and disseminated 38

39 Bank`s Support in PFM Project for Improvement of Financial Reporting and Auditing (PIFRA) since 1997 Long term strategic approach of PIFRA to build PFM systems and capacity 39

40 Challenges The current cycle of repeat PEFA assessments demonstrate good progress A continuation of the reform process is vital. Critical areas of future reform highlighted by the federal PEFA include Strengthening internal controls system Strengthening Public Procurement System 40

41 Sri Lanka Bank s partnership in Strengthening PFM System Use of country system In response to government s request, WB with support from other donors, prepared Reports and Policy Notes on the use of country FM and Procurement systems for implementation of donor financed projects PEFA Assessment carried out WB jointly with ADB and the Government, completed the assessment of public procurement system 41

42 Sri Lanka Partnership with Professional Accounting Bodies Establish an internationally accepted independent audit quality assurance framework for the auditing profession Strengthen small and medium practitioners to follow international standards in auditing Enhance adoption of IFRSs in the corporate sector Introduce SLPAS aligning with IPSAS to public sector entities 42

43 Regional Context-Internal Audit (IA) Context Bank s Support Opportunities Weak Internal Audit and no significant Reforms in SAR Recognition and demand for strengthening internal audit IDF grant to Association of Government Accountants of Asia (AGAOA) First CGAP certified public sector internal auditors (exception: Sri Lanka and Afghanistan) Need to strengthen Internal Audit Bank has yet to support meaningful IA reforms 43

44 Regional Context-SAIs Context Bank s Support Opportunities Bank s reliance on country systems of audit SAIs are strong champions of PFM Reform Partnership with SAIs key to broader dialogue on PFM reform Bank supported SAI strengthening exercises in every SAR country Global implementation of the International Standards of Supreme Audit Institutions (ISSAI) framework Providing support to the INTOSAI Donor Cooperation Secretariat Bank is looking to SAIs to adopt new model for SAR performance auditing that would support country operations to move towards results based approaches 44

45 Regional Context-PACs Context Bank s Support Weak external scrutiny and audit Little interaction of PACs with their peers No international standards or generally accepted practices for PACs Bank has supported PAC-strengthening initiatives in Bangladesh, Pakistan, Sri Lanka and Afghanistan Global implementation of the ISSAI framework PAC strengthening initiatives Formation of Asia Regional Association of Public Accounts Committees (ARAPAC) in December 2010 and experience sharing Opportunities No international association of PACs Through ARAPAC, PACs around the world could narrow wide disparity in practices 45

46 Other Regional Events South South Learning Event in Sri Lanka on PFM in 2012 (sharing of experiences from East Asia and Africa on PFM Reforms) Regional Performance Auditing Seminar for SAR (together with RGB organized a performance auditing seminar in Bhutan in 2012 sharing performance audit experiences) Regional Public Procurement Forum (formed in 2011 through the Regional Public Procurement Forum held in Kathmandu for continuing cooperation and sharing of experiences in public procurement reform) 46

47 THANK YOU 47

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