PUBLIC FINANCIAL

MANAGEMENT REFORM
Duan Vujovi Ph.D.
Minister of Finance

Public Financial Management

Reform Program 2016 2020
(PFM RP)
Adopted by the Government of Serbia on November 28 th
2015, and ammended on December 25 th
A comprehensive reform framework for improving the
functionality of public financial management in Serbia and
aligning it with European Union (EU) accession
requirements and international standards to enable a
smooth transition into the EU Public Administrative Space
Overall objective to strengthen accountability and
ensure sound financial management and good governance
by improving the efficiency and effectiveness in managing
public resources

Key pillars of the PFM Reform

Program 2016 - 2020
Sustainable Medium Term Macro-fiscal and
Budgetary Framework
Planning
and
Budgeting
of
Public
Expenditures
Efficient and Effective Budget Execution
Effective Financial Control
Accounting,
Monitoring
and
Financial
Reporting
External Scrutiny of Public Finances

Management of the PFM RP

1. High political level

Steering committee

3. Operational level
2. Operational level

Technical Secretariat

Working Group for the

preparation and
monitoring of
implementation of the
PFM Reform Program

Management of the PFM RP

1.

THE

STEERING

COMMITTEE

monitors,
manages and provides high level political support for the
implementation of the PFM RP

Composition: 5 members - the Chairman (the

Minister of Finance) and 4 Pillar Coordinators (both
State Secretaries at the Ministry of Finance for Pillars 15 , the President of the State Audit Institution and
President of the Parliamentary Committee for Finance,
the State budget and Control of public spending for Pillar
6)

2. THE WORKING GROUP preparation, monitoring

of the implementation of the PFM RP at the operational
level and bi-annual reporting to the Steering Committee.

Management of the PFM RP

THE TECHNICAL SECRETARIAT provides
administrative, technical and logistical support to
the Working Group and the Steering Committee for
preparation, implementation, monitoring, updating
and reporting on the implementation of the PFM RP
Designated
body:
The
Department
for
International Cooperation and European Integration
at the Ministry of Finance
3.

The Department also preforms the task of the Technical

Secretariat the National coordinator for the Economic
Reform Program which ensure proper coordination
between the two reform programs

Key external partners in the

PFM Reform
The International Monetary Fund
The European Commission
The Word Bank
The Support for Improvement in
Governance and Management (SIGMA)
Civil Society Organisations

Previous support to PFM

reforms
The WB PEFA Repeat Assessment, 2015
IMF Fiscal Affairs Department (FAD) Fiscal Risks,
Reporting and Budget Preparation Report, 2015
IMF Fiscal Affairs Department (FAD) PFM Mission
on Budget System Law, 2015
IMF Fiscal Affairs Department (FAD) Report on
Public Investment Management (PIMA), 2016
IMF Resident advisor for PFM
The SIGMA Public Financial Management Report
for 2015;
The OECD workshops on indicators and budgeting;
Technical
mission
of
relevant
European
Commission Services (DG NEAR, DG BUDG, DG
ECFIN)

Ongoing and future external

assistance
The
German
Agency
for
International
Cooperation (GIZ) Public Finance Reform project
Bilateral support from Sweden, UK and Swiss
Government, USAid, the UNDP, TAIEX and IPA
support.
Sector Budget Support from IPA 2015 for
Public Administration Reform (SBS PAR)
Further support from the donor community is
needed for:
- Specialised technical assistance in key areas