Public financial management is a crucial aspect of governance, especially in today’s world where governments face increasing challenges and complexities due to globalization, economic uncertainty, and technological advancements. To address these pressing concerns, the National Treasury of South Africa is hosting the 2023 Public Financial Management (PFM) Conference from September 20 to 22 in Johannesburg.
Theme and Objectives
The conference’s theme is “Innovative and Ethical Public Finance Management in Challenging Times,” and it aims to raise awareness of the latest PFM reforms led by the National Treasury, covering nine PFM disciplines, including financial accounting, revenue management, expenditure management, supply chain management, and budgeting.
The conference’s key objectives include building a culture of accountability, updating knowledge and awareness of the latest trends and developments in financial management, identifying new and improved practices to enhance PFM officials’ performance, and fostering collaboration and networking among delegates.
Building a Culture of Accountability
To ensure transparency, integrity, and efficiency in the management of public funds, the conference aims to build a culture of accountability within specific PFM sectors. This approach is crucial to promote responsible financial management and prevent corruption and mismanagement of public funds.
Updating Knowledge and Awareness
The conference serves as a platform for PFM officials to update their knowledge and awareness of the latest trends and developments in financial management. This exchange of information will foster a forward-thinking mindset and help officials adapt to the ever-evolving landscape of finance.
Identifying New and Improved Practices
By showcasing available PFM resources, training opportunities, and good practices, the conference aims to identify new and improved practices that can assist PFM officials in performing their work more efficiently and effectively. This will help achieve and sustain PFM excellence and promote responsible financial management.
Fostering Collaboration and Networking
The conference seeks to build communities of practice by fostering collaboration and networking among delegates. This will involve various stakeholders responsible for overseeing the implementation of financial disciplines, including Chief Financial Officers, Provincial Accountants-Generals, heads of PFM disciplines, and members of higher education institutions, professional bodies, and development partners.
The Role of the National Treasury
In South Africa, the National Treasury plays a pivotal role in implementing and managing the Public Finance Management Act (PFMA) No. 1 of 1999 and the Municipal Finance Management Act (MFMA) No. 56 of 2003. The 2023 PFM Conference is a key component of ensuring greater awareness and implementation of PFMA and MFMA reforms by facilitating national dialogue and engagements.
Media Coverage and Public Discourse
The media is invited to attend the conference, presenting an opportunity for wider coverage and public discourse on the topic of public financial management. This event is not only crucial for South Africa but can also serve as a model and source of inspiration for other countries seeking to improve their PFM systems.
Through innovation, ethical practices, and a steadfast commitment to accountability, the 2023 PFM Conference will undoubtedly contribute to a more transparent, efficient, and effective public financial management system for all.
