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What Canada can learn from Developing Countries on Public Financial Management sustainability, [Part 6]
Developing countries are adopting processes and technology designed to increase citizen trust while leveraging citizen and civil society cognitive surplus to improve public policy. If the Arab Spring, Tea Party and the Occupy movement has taught governments anything it’s crowdsource to improve public policy – or be crowdsourced. Many define “democracy” as representative democracy rather than participatory democracy. Indian MP Ruhal Gandhi suggested that the Anna Hazare hunger strike undermined democracy in India. Yet, it is clear that representative democracy is a thin form because citizens exercise the franchise only during elections.
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Strengthening PFM in post-conflict countries – what works and what can be improved
Strengthening public financial management (PFM) systems is a key area that development partners and the World Bank and IMF in particular seek to support in many post-conflict environments. As the World Bank intensifies its assistance to fragile and post-conflict countries, it is important to invest in learning what works, why and with what impacts in these environments with regards to PFM reforms. A new comparative study [Strengthening PFM in Post-Conflict Countries] — a joint product by the World Bank’s PREM Public Sector Governance Unit and the WB’s Global Center for Conflict, Security, and Development in partnership with the Centre for Aid and Public Expenditure at the UK’s Overseas Development Institute (ODI) — captures the experiences, successes, and challenges with PFM reforms in eight post-conflict countries.
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Good governance for sustainable development
“Traditionally we have been focusing on doing things right, but not too much on doing the right things,” said Vinod Thomas, Director General, Independent Evaluation, Asian Development Bank (ADB). He made the comment during his keynote address at the GovCFO Summit 2012, which takes place on 12 and 13 of July in Chiang Mai, Thailand. The event, convened by FutureGov Asia Pacific Magazine, gives the platform where 100 Chief Finance Officers and Finance Directors from different countries across the region gather to share experiences and discuss common challenges.
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Risks to Financial Stability Increase, Bold Action Needed
Our latest update of the Global Financial Stability Report has three key messages. First, financial stability risks have increased, because of escalating funding and market pressures and a weak growth outlook. Second, the measures agreed at the recent European leaders’ summit provide significant steps to address the immediate crisis, but more is needed. Timely implementation and further progress on banking and fiscal unions must be a priority. And third, time is running out. Now is the moment for strong political leadership, because tough decisions will need to be made to restore confidence and ensure lasting financial stability in both advanced and emerging economies. It is time for action.
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