Digital PFM - Digital PFM

Today:

Website is dedicated to empowering PFM professionals with the necessary resources needed for effective Digital PFM. Website lists resources, technical notes, best practices, blogs, and news to enhance transparency, efficiency, and accountability in public finance using digital technologies. Whether you're a policymaker, practitioner, or researcher, website supports your journey toward smarter PFM.

About Digital PFM

PFM is being transformed by digital technologies, including AI, Machine Learning, and blockchain. AI, particularly in cognitive automation, plays a vital role in automating complex PFM tasks that require human-like decision-making, such as budget forecasting, anomaly detection, and compliance checks. AI/ML enhances decision-making and predictive analytics, while blockchain ensures transparency and security in transactions. Data analytics provides real-time insights, optimizing resource allocation.

Data governance remains crucial for AI, ensuring accuracy, consistency, and security across systems, which builds trust and compliance. Key components of digital PFM include digital budgeting, e-procurement, automated financial reporting, and Integrated Financial Management Information Systems (IFMIS). Additionally, Public Investment Management Information Systems (PIMIS), payroll, and other PFM IT systems enhance efficiency and accountability, creating a transparent and effective PFM ecosystem for governments.

Improved Fiscal Data in Bangladesh for a Transparent and Accountable Public Sector

Fiscal transparency and accountability are crucial for achieving macroeconomic stability, improving credit ratings, reducing public debt and deficits, lowering corruption, and fostering economic growth, all of which are essential for good governance. In Bangladesh, the fiscal data ecosystem faces challenges such as inconsistent data from key suppliers, issues with accounting practices, and delays in data reporting, which hinder transparency and can lead to corruption. Despite these challenges, there has been notable progress over the past decade. Moving forward, improvements in the availability, accessibility, agility, and accuracy of fiscal data are needed to enhance the ecosystem further.

Read More