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Public Financial Management

Overview

The Public Financial Management (PFM) unit has been working for over two decades with national, sub-national and local governments across the world as well as key international development agencies in providing advisory services for the design and implementation of various PFM reforms.

The PwC team has successfully delivered assignments inter alia covering budget reforms, treasury reforms (including Treasury Single Account), cash and debt management, commitment management, public procurement, public expenditure and investment management, accounting reforms, revenue and tax administration, state owned enterprise reforms, development financing, PFM diagnostic assessments, and public asset management, amongst others.

The PFM unit has also been a pioneer in the PFM modernisation domain, having supported the design, development and implementation of financial management information systems (FMIS) across numerous government tiers in India and other countries. PwC also has an in-house digital solution to support government financial management. 

Our extensive geographical footprint covers India and other countries in South Asia, South East Asia, Central Asia, the Middle East, Africa and the Caribbean region.

PwC has gained increased traction in light of the COVID-19 pandemic, with governments requiring support to effectively manage public finances for pandemic control, social protection and economic recovery, bound by constraints of debt limits and decreased revenues. PwC’s work in the FMIS domain has facilitated business continuity for the government through the pandemic control restrictions. The team is also advising governments on alternative and innovative options to raise revenues and create fiscal space for economic recovery through expenditure rationalisation and reprioritisation, and liquidity and cash management.

How PwC can help

  • Developing strategies / roadmaps for PFM reforms, including PFM modernisation, and balancing local contexts with international best practices
  • Developing and strengthening PFM legal and regulatory frameworks, including guidelines, manuals, etc.
  • Conducting PFM diagnostic assessments by leveraging tools such as public expenditure and financial accountability (PEFA) frameworks, public expenditure reviews (PERs), fiduciary risk assessments (FRAs), etc.
  • Designing and implementing fiscal policy planning through tools such as fiscal strategy, medium term fiscal framework (MTFF), medium term budget framework (MTBF) and medium-term expenditure framework (MTEF).
  • Developing strategies for fiscal management including revenue augmentation, expenditure rationalisation and reprioritisation, and liquidity and cash management.
  • Business process re-engineering for streamlining and modernising public financial management functions.
  • Lifecycle support for financial management information systems (FMIS) covering design, procurement, development, implementation, project management support, and quality assurance.
  • Diagnostic assessments and restructuring of state-owned enterprises
  • Accounting and audit strengthening.
  • Capacity building and change management for PFM reforms, including design and delivery of training programmes.
  • Monitoring and evaluation of PFM reform effectiveness.

Contact us

Manoranjan Pattanayak, Ph.D

Manoranjan Pattanayak, Ph.D

Executive Director, Economics and Public Policy, PwC India

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