Republic of Panama : Public Expenditure and Financial Accountability
Panama's public financial management (PFM) system displays several strengths with respect to the fiscal position, debt management, and payroll administrative controls, but from a systemic perspective budget preparation and budget credibility i...
| Main Authors: | , |
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| Format: | Public Expenditure Review |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/06/20217611/panama-public-expenditure-financial-accountability http://hdl.handle.net/10986/20419 |
| Summary: | Panama's public financial
management (PFM) system displays several strengths with
respect to the fiscal position, debt management, and payroll
administrative controls, but from a systemic perspective
budget preparation and budget credibility issues undermine
the efficiency of sectoral investment plans and make it
difficult to advance on other improvements in the public
sector. An efficient and transparent allocation of budgetary
resources allows the government to achieve value for money
in delivering public services. This assessment is undertaken
at the request of the Government of Panama (GoP) which is in
the process of reforming and modernizing its public
finances, and is therefore interested in establishing both a
baseline for future PFM performance measures and the degree
of management alignment to internationally accepted best
practices. The public expenditure and financial
accountability (PEFA) methodology provides relevant
information on current management and will allow
establishment or adjustment of a reform strategy to improve
PFM quality. This PEFA assessment provides a reference and a
baseline for two projects and a baseline for the GoP to
measure progress of the current reform. The projects are:
(i) the program to strengthen fiscal management financed by
Inter-American Development Bank (IADB), and (ii) the
enhanced public sector efficiency technical assistance loan
financed by World Bank (WB). |
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