PEFA Partners announce the release of the PEFA 2016 framework for assessing public financial management performance.
2016 marks the most comprehensive upgrade to the PEFA framework since it was first published in 2005 and incorporates new and updated benchmarks that reflect the changing landscape of PFM reforms and the evolution of good practices over the last decade.
These include the addition of four new indicators, the expansion and refinement of existing indicators, and a recalibration of baseline standards for good performance in many areas. PEFA 2016 also introduces a stronger focus on the elements of internal financial control that can be observed in PEFA assessments, and establishes clearer and more consistent structure for reporting PEFA findings.
The development of PEFA 2016 has benefited from significant feedback from Partners, users, beneficiaries, and observers of PEFA during global public consultation in 2014, followed by extensive testing during 2015.
The seven PEFA Partners believe the upgraded framework will significantly strengthen PEFA’s usefulness as a tool for countries to assess their PFM performance, monitor progress of PFM reforms and identify priorities for further improvement. Effective PFM practices are acknowledged by the Partners as an essential enabling factor for sustainable development.
The new framework will be supported by a comprehensive guidance, which is currently in development.