Our Public Finance practice has played a key role in implementing solutions in budgeting and public sector financial management for governments worldwide.
In many developing and transition countries, ineffective public sector financial management seriously constrains development. Inadequate institutional arrangements, weak governance, fragmented budgets focused on inputs rather than outputs can all undermine the achievement of public policy goals and prevent pro-poor objectives from being met. At Maxwell Stamp we have helped many governments successfully address these problems.
Our extensive worldwide experience in Public Finance includes expertise in:
Medium-Term Budget and Expenditure Frameworks
MTBFs and MTEFs are systems that allow countries to match their expenditure needs and priorities more effectively with their limited resources. They enable governments to link expenditure and associated activities more effectively to policy objectives, performance measures and key crosscutting issues such as poverty reduction, gender, decentralisation and governance. That ultimately leads to improved strategic sector planning and to the more efficient use of resources.
Performance and Results-Orientated Budgeting
We help governments develop systems that ensure that public expenditure more effectively achieves explicit and defined results. To achieve this we help put in place performance budgeting systems that focus expenditure on priorities and allocate budget resources to spending ministries. The systems are based on reviews of past performance, future strategies and commitment to achieve defined results.
Integrated Financial Management Information Systems
By implementing fully integrated FMISs we have enabled governments to allocate and employ public sector resources more efficiently and to strengthen their capacity to implement public expenditure management reform.
Tax Policy Analysis and Revenue Forecasting
We provide technical advice and support to build capacity in all areas of tax policy development and implementation. We have consistently proved our ability to strengthen macro-fiscal frameworks and to provide more rigorous processes to underpin resource allocation decisions. This work is closely linked with our work on Tax and Customs Administration.
Strengthening monitoring and evaluation systems
We enable our clients to establish clear links between past, present and future interventions and results. This is essential to determine if reforms are working and to assess how future efforts might be improved.
Strengthening Budgeting Links
We develop and implement processes to more closely link public sector budgeting and financial management systems and public sector institutions. These are designed to ensure political commitment, communication of objectives, accountability and transparency.
Promoting Change in Public Sector Financial Institutions.
Our approach recognises that change is not a single event but an ongoing process. Our success is based on our ability to handle that process. We are people, dealing with people, not programmable machines.
Long-Term Technical Assistance Programmes
We successfully manage long-term technical assistance programmes in the areas of public expenditure management, public sector reform and tax policy. The key focus is their contribution to enhanced economic growth and poverty reduction. We provide technical expertise, policy advice, training and capacity building.