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Public Financial Management: Basic Concepts. A process of effectively handling the public purse By Arjun P. Pokhrel Joint FCG. PFM is all about p ublic money. . Presentation Outline. PFM concept PFM Cycle Planning aspects of PFM Budgeting aspects Audit and scrutiny

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Public Financial Management: Basic Concepts


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    1. Public Financial Management: Basic Concepts A process of effectively handling the public purse By Arjun P. Pokhrel Joint FCG

    2. PFM is all about public money .

    3. Presentation Outline • PFM concept • PFM Cycle • Planning aspects of PFM • Budgeting aspects • Audit and scrutiny • Nature of PFM • PFM issues in Nepal • Reform areas

    4. PFM Concept Public financial management is a system , processes and institutions to handling public purse in a prudence manner

    5. The PFM Cycle

    6. Planning Aspects of PFM • Long term plan : guide • Medium Term Plans • Annual plan, policy and programs • Line ministry programs

    7. Budgeting Aspects .

    8. Budgeting: Converting Programs into monetary term • Budget Formulation: • Deciding Budgetary ceiling • Circulation of ceiling • Preparation of budget by line agencies • Negotiations • Accumulation : expenditures and revenues • Presentation before parliament • Parliamentary Approval

    9. Budgeting..................... 2. Budget Execution: • authorization • procurement • revenue collection , loans and grants • accounting , recording and and reporting • internal control

    10. Audit and Scrutiny • Internal Audit: judging the sufficiency of internal control system and suggesting for ongoing corrections • External Audit: overall financial judgment for future corrections and reforms • Parliamentary Scrutiny: Audit over auditors and corrections over the policies • External scrutiny: correction over the behaviors , for eg. CIAA • Peoples' voice : overall correction

    11. Nature of PFM • PFM is a creature of law .Due process is always necessary • Results should be targeted towards the people at large • Public accountability is the heart of PFM • It is the fundamental pillar of governance

    12. Issues of PFM in Nepal • Planned vs ad hoc • Budget: incremental • Due process breached? • Results neglected • Problems in procurement • Weak accounting , recording and reporting • Lack of performance audit • Parliament missing : frequent • Weak governance: utilization of resource • Articulating peoples' voice

    13. Reforms Areas • MTEF/MTBF • Timely budget: budget law? • Treasury management : core TSA • IFMIS • Procurement practices reforms • Accounting Reforms: NPSAS ,commitment acc. • Internal Audit Reforms and focus on performance audit • Parliament and people voice • Greater Transparency

    14. Discussion Session YOUR QUESTIONS?

    15. . Thank You