World Business News

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Latin American governments urged to improve PFM

Zone(s): Latin America, Caribbean ¦ Sector(s): Public Finance Management

[24 June 2014, Public Finance International] By Vivienne Russell: Latin American and Caribbean governments have been urged to do more to improve their public financial management and procurement practices to catch up with advanced economies. In a joint report launched in Mexico City, the Organization for Economic Cooperation and Development and the Inter-American Development Bank found around half of the 17 countries examined had introduced budget tools such as fiscal rules or stabilisation funds to add a layer of protection during the global economic crisis.

However, the Government at a glance: Latin America and the Caribbean report found more could be done to improve budget management, tax collection and public sector pay equality, which would help to raise living standards, strengthen public services and protect against future economic shocks.