PFM stands for Public Financial Management and relates to how a country raises, spends and accounts for public funds. PFM seeks to ensure that state spending translates to effective and efficient provision of services to the society and the economy. As such, PFM has to do with the process (how governments manage) and results (short, medium and long-term impacts) of government financial flows. The PFM system comprises several interrelated processes and systems across various government institutions.
This component aims to establish the founding elements for modern and effective PFM functions through the enactment of proper PFM legislation.
This component seeks to make immediate changes to PFM systems, which will support future comprehensive PFM automation.
Specific and tailored training and skills development will be required for budget planning; budget formulation and preparation.
PFM reform responsibilities of the coordination Unit include providing logistical support to all external consultants involved in PFM reforms.
The government of Somaliland is currently implementing its Public Financial Management Reform program (PFM) that includes reforms to increase the budgeting process, increase domestic revenues, automate the country’s payment system and teach our public servants how to better manage the country’s finances.
The PFM reform program will improve the government’s capacity to utilize public funds and meet the National Development Plan II (NDPII) goals and those of Vision 2030.
This program will help us to achieve the highest possible efficiency, transparency and accountability in the allocation, management and use of public finances. The effective and efficient use of taxpayers’ money requires sound financial management, full transparency and effective payment process. These reforms will help ensure the Government of Somaliland can do exactly as a firm and trusted custodian of the nation’s financial resources.
This message is to reaffirm the ownership of the PFM Program as a government-led imitative and to maintain a momentum with the many stakeholders of the reform program.
I encourage all stakeholders, including Somaliland House of Representatives, MDAs, and the donor community to commit, reaffirm and continue their roles in supporting the PFM reform process, so that we can better serve the people of Somaliland.
Finally, I thank and commend our development partners; the World Bank, DFiD, USAID and EU for providing financial and technical support to the PFM Program.
Workshops, Trainings, & Seminars
The key objectives of the training were to familiarize participants with crucial elements of the “Standard” and their impact on the preparation of ...Read More