Public Financial Management
Public administration is increasingly recognized as a crucial fiscal policy tool in the public sector. The introduction of modern fiscal management techniques at all levels of government is needed to ensure that the three objectives of expenditure management (aggregate fiscal discipline, expenditure prioritization, and operational efficiency) are achieved. Fiscal management techniques that are becoming increasingly pertinent in developing and transition economies include placement of the budget process in the context of a medium term budget strategy, devolution of budget responsibilities, and the introduction of performance-based budget techniques.