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.