Read the new, joint blog by PEFA and ACCA ‘Rethinking Public Financial Management’ on the IMF PFM Blog site.
In the post the authors are analyzing what do governments need to be effective in a crisis, highlighting that among many other things, they need to be good at risk management, at securing the necessary resources and spending them where they matter the most, as quickly and effectively as possible, whilst balancing many policy priorities and demands. To do all this, a government needs good PFM systems. Often, governments with weak PFM systems will find those weaknesses exposed and magnified during times of crisis or extreme fiscal pressure.
They refer to The Global Report on Public Financial Management by the Public Expenditure and Financial Accountability (PEFA) program that highlights the improvements in PFM systems improvements and the significant weaknesses that still remain.
Read the Blog on IMF PFM Blog Site.