FAQs

FREQUENTLY ASKED QUESTIONS


  • PFM Reform and You: Why should You care?

    The PFM Reform strategy will increase national development in several areas, as highlighted below: Better Public Services: Improved government accountability and transparency will encourage effective use of public funds for service delivery by strengthening institutions, civil society and citizens to hold their governments to account. More Transparency and Integrity: Improved PFM can also help the

  • What are the PFM Reform Pillars and Key Components?

    PFM reform strategy as to be implemented under 5 pillars and reinforced by distinct but complementary components. PFM reform programme has been designed to accommodate a logical sequencing of enabling activities and with the aim not to overburden the components that also have to carry out the normal day to day duties.

  • What are the Guiding Principles of the PFM Reform Strategy?

    PFM reform shall be: Comprehensive, including all the various reforms in PFM system as well as the crosscutting issues related to capacity-building, service conditions and the legal framework. Sequenced, to secure progress and a manageable workload Stakeholder-managed, enabling consolidated efforts across government both horizontally and vertically, and harmonization with and between donors Coordinated (both logistically and

  • What is the PFM Reform Strategy Approach?

    The Somaliland PFM reform strategy aims to improve the government’s capacity and systems in utilizing public funds to meet the NDP goals, and ultimately those of vision 2030. This involves building human resource capacity, putting in place modern and effective systems and procedures for effective financial management and reporting. The GoSL has adopted a “Whole

  • What are the main gaps and challenges which the PFM Reform Strategy aims to address

    Some gaps include: Legislation: Notwithstanding the significant gains made in development of PFM legislation, further refinement of some of the proposed PFM laws on financial management and accountability, procurement, audit, revenue and customs are required to provide a sound legal and political environment. International Compliance: International organizations have specified common standards for various PFM functions

  • Why a Country-led PFM Reform Program?

    PFM systems, priorities and processes vary from country to country and are also part of a country’s broader national policies that direct or inform public resource allocation. Therefore, the PFM process should be country-led so as to match the national levels of capacity, context and needs. Furthermore, PFM is central to creating a relationship of

  • What is the Mission of the Somaliland PFM Reform Program?

    To achieve the highest possible efficiency, transparency and accountability in the allocation, management and use of public finances to meet the GoSL’s development and economic growth priorities.

  • What is the Vision of the Somaliland PFM Reform Program?

    A government that promotes transparency and efficiency in the use of public funds for the effective delivery of measurable results.

  • What are the Principle Objectives of the PFM Reform Strategy?

    The principle objective is for the PFM Reform Strategy to provide a broad, holistic, and country-led strategic framework that supports the establishment of priorities, sequencing of tasks, and short-, medium- and long-term actions. The ultimate goal is “To ensure efficient, effective and accountable use of public resources as a basis for economic development and poverty

  • What is PFM?

    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,

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