Transparent System of Public Financial Management Clause Samples

The 'Transparent System of Public Financial Management' clause establishes requirements for openness and accountability in the handling of public funds. It typically mandates that government financial activities, such as budgeting, spending, and reporting, are conducted in a manner accessible to oversight bodies and the public, often through regular disclosures and audits. By ensuring that financial processes are visible and understandable, this clause helps prevent corruption, promotes responsible use of resources, and builds public trust in government operations.
Transparent System of Public Financial Management. (1) The Recipient has developed, through its ministries responsible for finance and for planning, a central medium term expenditure framework satisfactory to the World Bank for the period 2011-2013, supported by macro-economic forecasts derived from the macroeconomic model of the Recipient’s ministry responsible for planning. (2) The Recipient has improved the quality of quarterly commitment plans of the budget through: (i) ensuring consistency between said plans and the annual cash forecasts; and (ii) breaking said plans down by line ministry and, with respect to the Recipient’s specific ministries responsible for public health, national defense, public security, primary and secondary education, in consultation with each such line ministry. (3) The Recipient has installed a new payroll system interfaced with the Recipient’s financial management information system to improve payroll management.
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