December Conference Ends on a Positive Note

David Nummy of Grant Thornton LLP closed the Winter ICGFM Conference on Wednesday. Participants were asked if they thought that ICGFM should set up chapters in their countries. 64% agreed that this would be helpful.

Mr. Nummy summarized the conference takeaways:

• There is general agreement that the "big bang" approach to PFM reform is not the way to go.
• PFM reform should be anchored on strategy rather than instruments.
• Political will is critical to insure success.
• The reform pace should be driven by the culture.
• Corruption remains a problem.
• Beware of "quick wins".
• PEFA was agreed to be an excellent tool for self-assessment, but not necessarily for external assessment.