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Public Financial Management Responses to an Economically Challenging World 2011 ICGFM Survey

Public Financial Management Responses to an Economically Challenging World 2011 ICGFM Survey

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ICGFM International Consortium on Governmental Financial Management and Grant Thornton Worldwide Survey from over 50 countries on Public Financial Management Responses to an Economically Challenging World
ICGFM International Consortium on Governmental Financial Management and Grant Thornton Worldwide Survey from over 50 countries on Public Financial Management Responses to an Economically Challenging World

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11/21/2011

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Results of a Worldwide Survey
January 2011
Public Financial ManagementResponses to an EconomicallyChallenging World
ICGFM
The International Consortium on Governmental Financial Management
 
Contents
1 Introduction2 Impact of the global financialcrisis5 Investment in infrastructure8 Increasing transparency10 Conclusions
 About the survey
In 2004, the International Consortium on Governmental Financial Management(ICGFM) asked Grant Thornton LLP (Grant Thornton) to conduct its firstinternational survey of government financial executives, titled “ResistingCorruption in the Public Sector.” In 2009, Grant Thornton conducted a secondsurvey on behalf of ICGFM, focused on public financial management reform.The second survey provided insight into the experience of national governmentsengaged in improving the management of public resources, as well as in makingtheir finances more transparent and their financial information more useful formanaging public sector operations.This third survey, conducted in 2010 by Grant Thornton on behalf of ICGFM,focuses on responses to the global financial crisis, infrastructure investment,public private partnerships and transparency.
Survey methodology
Grant Thornton partners and staff conducted in-person interviews with publicfinancial managers and executives, using an open and closed-ended surveyinstrument. We also designed and carried out a multilingual online survey of thesame target audience, which member firms of Grant Thornton International Ltdpromoted in their respective countries.Of the in-person and online survey respondents, approximately 80 percentwere employed by a government, 16 percent by donor organizations and othernongovernmental organizations. The remaining 28 percent were from academiaand private companies engaged in government service work. Participantsrepresented 54 countries across Africa, East Asia and Pacific, Europe andCentral Asia, Latin America and the Caribbean, the Middle East, South Asia, andNorth America.
 Anonymity
Our survey does not attribute thoughts and quotations to any respondents, nor dowe name them, their institutions or their specific countries. These measures wereessential to gain the confidence and full cooperation of the government officialswho participated in the survey.
 
Public Financial Management Responses to an Economically Challenging World
1
Introduction
In the second half of 2008, the world saw the beginnings of themost significant economic disruption in over 50 years. Afterinitial problems in the global credit markets, the economies of most nations were negatively affected with recession becomingthe norm in most countries in the world.The resulting challenges to public financial managersresulting from cascading economic impacts have been enormous.Faced with unpredictable economic flows and a demand forgovernment response, governments had to assess the economicimpact on their countries, evaluate policy options, and chart acourse to counter immediate negative impacts while laying afoundation for future growth.This survey examines both the impact and the responsesto the economic upheavals of the last two years from a publicfinancial management perspective. It seeks to provide insightinto the choices made by government financial leaders and thetools employed to respond to the public financial managementchallenges that have arisen.

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