- May 20, 2021
- Posted by: admin
- Category: Current News
The adoption of digital technology in public finance is expanding rapidly and has vast potential to reshape and improve the way governments conduct their core business. A well designed information and communication technology solution can make public finance management systems more efficient, transparent, equitable, and in the process enhance Public Finance Management (PFM) outcomes, including service delivery to the citizens. Digital technology can also enable governments to better plan, execute and monitor the budget. This in turn will improve the core functions of public finance such as accounting and financial reporting, budget execution, and the treasury as well as cash management operations.
It is against this background that MEFMI, in collaboration with the International Monetary Fund – AFRITAC South, conducted a virtual seminar on digitalisation and transparency in public finance in Southern Africa and West Indian Ocean. The seminar, which was conducted from 27 to 30 April 2021, was designed to strengthen participants’ understanding of the recent digital revolution in public finance, the modern approach to rethinking financial management information systems (FMIS) and the path ahead to enhance financial management and transparency in the use of public money. In this connection, participants were capacitated on four main themes (i) digital revolution in public finance, (ii) rethinking the designs of the FMISs, (iii) enhancing digital solutions to implement emergency responses such as the COVID‐19 pandemic, and (iv) the digital tools and innovations in support of fiscal transparency and reporting.
The seminar was attended by 35 participants from 12 African countries. Of these, 20 participants were from MEFMI member countries. These participants were selected from central banks, national treasuries and ministries of finance and planning. The seminar was facilitated by a team of resource persons namely; Mr. Soren Langhoff; Mr. Felipe Bardella; Mr. Mark Silins; Mr. Gerardo Uña; Mr. Alok Verma and Ms. Lorena Rivero del Paso.
Looking ahead, countries are expected to use the knowledge gained from the seminar to better manage public finances and improve the conduct of fiscal policy.