Digital PFM - Digital PFM

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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.

Kazakhstan Launches Pilot Project for Programmable Digital Tenge in Budget Expenditures

The National Bank of Kazakhstan has launched a pilot project using the digital tenge platform for budget expenditures, marking the second phase of introducing Kazakhstan’s national digital currency. This project, funded by the National Fund, focuses on the programmability of digital tenge, initially financing the Dostyk-Moiynty railway construction. The technology ensures efficient spending by marking funds, which can only be disbursed to compliant organizations, enhancing transparency and efficiency. The pilot involves multiple entities, including JSC Samruk-Kazyna and JSC Halyk Bank, with plans to expand its application to other projects and sectors, aiming to mitigate fund misappropriation and improve public spending transparency. The final report on this phase will be released at the end of 2024.

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