Weaknesses in Guyana’s Public Financial Management (PFM), including the procurement system, undermine its effectiveness, integrity of spending quality and reporting, according to an Inter-American Development Bank (IDB) report.
“The current PFM processes and systems have a limited impact on sound public resource management in the context of budget formulation, execution, and oversight; budget credibility; budget transparency; and good financial governance,” the report says, adding that fiscal deterioration over the past decade reflects weaknesses in the processes of policy, planning, and budget execution, with the lack of a detailed operational medium-term framework hampering planning decisions.
Entitled “Economic Institutions for a resilient Caribbean”, the 560-page document seeks to offer a viable path for Caribbean countries to improve their economic institutions and thus their economic performance.
