MANAGEMENT

Detailed explanation-1: -The Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. The primary objective of PFMS is to establish an efficient fund flow system and expenditure network.

Detailed explanation-2: -The main tasks of PFM are to ensure aggregate fiscal discipline, resource allocation in conformity with policy objectives and efficient public service delivery.

Detailed explanation-3: -The term “public financial management” commonly describes elements of an annual budget cycle, which typically centers around (1) budget formulation; (2) budget execution; (3) accounting and reporting; and (4) external security and audit. A general consensus exists around the objectives of the PFM system.

Detailed explanation-4: -The key stakeholders include elected representatives, public officials, Provincial Assembly, civil society and the development partners. Complete understanding of designed interventions and acceptability of change within the government machinery backed by political commitment.