April 2024

​​Most countries have adopted public financial management system to implement different public policies, particularly those related to fiscal discipline, allocative efficiency and operational efficiency. 

​​Debt has always been associated with development and structural transformation. With the current hyper globalisation, debt has become a dominant driver of global growth. However, it has failed to deliver the desired objectives in productive investment, but instead fueled financial speculation. Developing countries have seen debt transformed from a long-term financing instrument to help achieve their future growth potential into a potentially high-risk financial asset subject to the notions of international financial markets and proliferating short-term creditor interests. Since the global financial crisis, economies around the world have become dependent on debt for their growth. This has encouraged unprecedented global indebtedness, particularly in emerging markets and developing countries which have little control over global trends. It is argued that, within the global financial system, developing countries have limited number of choices and proposals for regional and inter-regional monetary and financial cooperation and reliance on directed development banking are set out as a place to start. 

​​Public Financial Management (PFM) reforms aim to improve the effectiveness and efficiency of public financial systems, ensuring accountability and transparency in the use of public resources. Countries must implement effective policy measures if the reforms are to achieve the intended objectives. 

​​The Minister in charge of treasury in your country is in the process of introducing performance measurement framework that will be used to assess the effectiveness and efficiency of government programmes, projects and activities in achieving their intended objectives. 

​​International best practices recommend that governments should publish eight budget reports at various points in the budget cycle. Increasingly, governments, donors and civil society organisations demand for more information on why these particular reports are important, what a model report should contain to be considered transparent and when these reports should be published. However, there are few existing reference materials that answer these questions. Development banks and the Organisation for Economic Cooperation and Development (OECD) have published manuals containing detailed information on public finance management systems, but the existing literature is neither tailored to the needs of a broad audience nor does it fully explore the issues of transparency in these reports.

​​In the context of public financial management, identify FOUR main forms of receipts that occur in development estimates as per Public Financial Management regulation 60.

​​Describe FOUR ways in which management of public debt enhances fiscal stability and economic growth in your country.

​​Assess FOUR ways through which the Treasury Single Account (TSA) system facilitates the consolidation of government funds from various sources and accounts into a single centralised account.

​​Managing revenue in public finance at the county level can be a complex task and executive committee members responsible for this area face several challenges. 

​​The Ministry of Finance in your country has tasked you with the responsibility of evaluating the performance of several key state corporations operating in critical sectors such as energy, transportation and healthcare. The government is keen on ensuring that these entities effectively deliver on their mandate and contribute to national development. Over the years, you have observed that monitoring performance of state corporations can be challenging. As an expert in this area, you have been invited to be the key note speaker at a national conference on public sector effectiveness to speak on challenges in evaluating performance of state corporations and way forward. 

​​Explain FOUR ways in which Public Procurement Regulatory Authority (PPRA) in your country contributes to fiscal policy discipline.

​​Describe THREE reasons for the establishment of an internal audit committee in the management of public funds in your country.

​​The national audit reports of your country have consistently raised a major concern about poor management of public funds at the National Government level which emanates from poor cash management. In one of the reports, the Auditor General recommended that the government should strictly comply with Public Financial Management regulations on cash management. To this extent, the national treasury has appointed you to facilitate a training for accounting officers on institutionalising effective and efficient banking and cash management practices in the public sector. 

​​Outline FOUR specific functions of the Commission of Revenue Allocation regarding county government revenue management in your country.

​​Explain THREE factors contributing to successful Public Financial Management (PFM) reforms in enhancing fiscal transparency, accountability and efficiency in your country.