Addressing the COVID-19 Crisis: Lessons from Support for Public Financial Management
This paper provides a synthesis of lessons from evaluations of public financial management (PFM) support by ADB, other multilateral development banks, and the International Monetary Fund, as well as lessons from research and analysis by other international organizations such as the World Health Organization. It draws upon experience from past crises, and from previous budget support operations targeted at medium-term PFM reforms, emphasizing the lessons they offer.
Despite the unique features of the present crisis, experiences from the past can still be helpful, whether in catering to immediate spending needs or in longer-term budget management. Post-crisis PFM interventions can benefit from the global and historical experience with PFM reforms, hence this paper summarizes lessons from these experiences. The lessons draw upon large-scale evaluations, validated program completion reports, and technical assistance (TA) completion reports of ADB’s PFM-related operations that have been approved over the past decade as well as the findings and lessons of evaluations of other MDB operations and research publications from centers of excellence.