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.

OECD Paper: Artificial Intelligence and Public Financial Management

The document explores the application of artificial intelligence (AI) in public financial management (PFM), highlighting its potential to enhance various functions such as macroeconomic forecasting, spending decisions, budget planning, financial management, and stakeholder engagement. It discusses the benefits of AI, including improved accuracy and efficiency, while also addressing challenges like data quality, transparency, and the need for robust IT infrastructure. The paper emphasizes the importance of developing government-wide standards and continuous professional development to effectively integrate AI into PFM, ensuring ethical use and maintaining accountability.

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AI in PFM

OECD Paper: Artificial Intelligence and Public Financial Management

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