Public financial management

Public financial management (PFM) refers to the processes and systems governments use to plan, direct, and control public funds. It encompasses budgeting, revenue collection, spending, and auditing to ensure that taxpayers’ money is used effectively and transparently. Good PFM aims to achieve economic stability, deliver public services efficiently, and maintain accountability. By managing finances properly, governments can create a positive impact on society, fostering trust and enhancing the quality of life for citizens. In essence, PFM is about making sure that public money is handled wisely for the benefit of all.