Chapter 1. Public Financial Management in Latin America: The Key to Efficiency and Transparency
  • 1 0000000404811396 Monetary Fund


Public financial management (PFM) plays a key role in the sound allocation and use of public resources and macroeconomic management. This is why PFM modernization can have a substantive impact on the effectiveness, efficiency, and transparency of public spending. The call to upgrade institutional, functional, and technological frameworks of PFM systems in Latin American countries has been significant as governments seek to achieve greater coverage, reliability, and timeliness of financial information. There is also pressure to streamline procedures and implement more sophisticated business models and technologies in national treasuries, debt management offices, accounting departments, and budget and procurement agencies.