Following publication of the draft “Guidance Note on Sequencing PFM Reforms” in September, 2012, several comments were received and reviewed by the authors and have been incorporated in to the final version of these papers, developed by Jack Diamond, former IMF Fiscal Affairs Department Division Chief on behalf of the IMF and the European Commission, and Daniel Tommasi; under the auspices of the PEFA Program, following an extensive period of research and debate around these issues between the PEFA Partners.