What is the government budget cycle? How should governments prepare policy-oriented budgets? How to hold governments accountable? Learn from an IMF team who advises on budget management and hear testimonies from ministers of finance and civil society.

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This IMFx course is designed to strengthen participants' abilities to assess why Public Financial Management (PFM) is important; and how it supports macroeconomic stability, economic growth, and the achievement of the Sustainable Development Goals.

Presented by staff of the International Monetary Fund whoprovide advice to countries on their PFM institutions and reform plans, the course provides a practitioner's view to PFM starting with what PFM is, and why it is important. Over five parts, the course modules cover all stages of the budget cycle, and discuss key concepts from budget preparation, to government accountability in budget execution, and reform implementation.

You will explore these topics through video lectures, relevant readings, and testimonies from senior policy-makers and civil society. During the lectures, presenters will use examples from countries at different stages of economic development.

Throughout the course, you will have the opportunity to engage with fellow participants from around the world, and with course staff through the discussion forum. Assessments in each course module will test your understanding of key concepts, allowing you to track the progress of your understanding. A case study at the end of the course brings together the different aspects of how governments should manage their money, and deliver public services.

This course is offered by the IMF, with financial support from the United States Agency for International Development (USAID).

The IMF’s online learning program receives financial support from the Government of Japan.

What you'll learn

- Why PFM is an important tool to implement public policies.

- How to describe and analyze the budget cycle, and its main components.

- How PFM systems contribute to improved fiscal performance.

- The benefits of fiscal transparency, fiscal reporting, and management of fiscal risks.

- How civil society, public participation and supreme audit institutions keep governments accountable.

- The importance of prioritization and sequencing PFM reforms, and the roles of political institutions and country context.