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PFM: what is it?

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Reg:
'Allo! It's me again.

So go on tell me what is PFM?

Cheers,

Reg

STONE:
Interesting question.

Carole and Nico Pretorius did a literature review of PFM Reform in 2009 and noted that "there is no universally agreed definition of PFM".  see http://www.sida.se/Svenska/Om-oss/Publikationer/Visa-publikation/?iframesrc=http://www2.sida.se/sida/jsp/sida.jsp%3Fd=118%26a=45381&language=en_US

There appear to be bits of a definition.  It all seems a little unsatisfactory.  I was asked the same question, well it was put a bit differently to yours: "How would you define PFM?" 

I have used this when presenting on PFM.

"Public Financial Management is: the application of laws, institutions, processes, and actions that determine how the Legislature and Government through their agencies and other agents:

collect and borrow money from households and corporations and other Governments and External Financing Agencies;

spend that money to regulate the economy and deliver public services to  households and corporations and NPISHs (non-profit institutions serving households); and

account to citizens for the collection and use of that money.

Napodano:
Reg,

Nice to have you back. I know you are a man of straight talk and fast driving.

Well, how about this definition:

'If you are a Arsenal fan, you want the team to win a cup and in the process make supporters enjoy each match without raising the ticket prices too high.'

Not always easy as proved by the not-so-great performance of Capello in the case of England  ;)


Legend:
'Arsenal'= a country of your choice
'win a cup' = macroeconimic stability, sustainable debt, good credit rating and low interest rates
'make supporters enjoy each match' = provide citizens with quality service delivery especially in social sectors
'ticket prices' = tax rates
'Capello' = the Prime Minister of the country of your choice

John Short:
The problem with using Arsenal is that it is a long time since they won anything so what about realising expectations and stability?  I suppose the stability is there through the not winning anything for so long!

Napodano:

--- Quote from: John Short on February 15, 2011, 12:14:54 GMT ---The problem with using Arsenal is that it is a long time since they won anything so what about realising expectations and stability?  I suppose the stability is there through the not winning anything for so long!

--- End quote ---

Time for 'regime change' of sort   ;D

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