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Around the world, there is increased awareness of the crucial need for better performance and greater accountability in public financial management (PFM) systems. Indeed, many countries are working hard to crack down on corruption by reducing the incentives to commit corrupt acts and increasing the likelihood of detection. But there is still much more that could be done.
Here are a five key ways in which performance and accountability within PFM could be improved.
These are by no means the only ways to improve PFM. But if implemented, they should go a long way to improving performance within the sector and consequently to improve trust and confidence in political institutions.
This article first appeared on IFAC Global Knowledge Gateway.