Strong public finance management (PFM) is a catalyst for economic growth and development. It ensures that governments and their agencies raise, manage and spend public resources in an efficient and transparent way with the aim of improving service delivery. Sound PFM structures should increase the demand for performance information, improve the efficiency of service delivery and bring accountability to government operations.
Crown Agents' public finance management strengths lie in:
- Improving the efficiency of tax and customs operations to increase government revenue and facilitate trade
- Working with governments to improve their ability to attract and manage resource in-flows, including borrowing raised from domestic and foreign sources
- Building public sector governance and accountability, including strengthening the national audit function
- Developing IT systems to support tax and customs administrations
- Diagnosing PFM systems through tools such as the Public Expenditure and Financial Accountability assessment
- Enhancing the budget process and improving resource allocation decisions
- Creating a stronger link between PFM and public procurement
We also work with donors and recipient countries to ensure that development assistance is managed and spent efficiently to ensure the maximum return.
The reform process should be holistic with attention to sequencing. Our approach is based on a platform approach that contributes to good governance and is grounded in a deep understanding of public sector modernisation, institutional and organisational development, and the process of change.
Our services are supported by cutting edge technology for managing government revenue and public sector borrowing with links to integrated financial management information solutions. Our TRIPS™ software has been developed from our experience in successfully introducing revenue modernisation programmes over the past two decades.