Fundamentals of Public Financial Management

Overview

Public Financial Management (PFM) involves the administration of finances in a public sector entity, encompassing entities like the National Government, State Government, government ministries, agencies, departments, or local governments. The training provides a comprehensive overview, treating PFM as a unified system rather than a set of specialties. Emphasizing PFM priorities, reform objectives, and implementation risks, the course combines conceptual and practical approaches, incorporating insights from ministers of finance, practitioners, and stakeholders across various countries.

The Fundamentals of Public Financial Management course provides participants with a comprehensive understanding of the principles, practices, and challenges associated with managing public finances effectively within government entities and public sector organizations. Geared towards finance professionals, government officials, and policymakers, this course covers essential concepts and practical techniques necessary for sound financial management in the public sector.

Throughout the course, participants will delve into key topics related to public financial management, including budgeting, accounting, financial reporting, and internal controls. Emphasis is placed on understanding the unique characteristics of public sector finances, including transparency, accountability, and compliance with legal and regulatory requirements.

Participants will learn how to develop, execute, and monitor government budgets to ensure fiscal discipline and alignment with policy priorities. The course covers techniques for budget formulation, budget execution, and budget monitoring and evaluation, as well as strategies for optimizing resource allocation and managing budget deficits effectively.

Objective

• Develop strong core financial competencies.
• Contribute effectively to the budget-setting and planning process.
• Optimize the use of organizational resources.
• Identify and respond proactively to financial warning signs before they escalate into financial issues.
• Improve communication with finance teams and senior management on financial planning and control matters.
• Ensure financial controls are properly designed and effectively operated.