Cook Islands Government Public Financial Management Roadmap
The Ministry of Finance & Economic Management (MFEM) commissioned an assessment of the performance of governments’ Public Financial Management (PFM) systems. The Public Expenditure and Financial Accountability (PEFA) assessment methodology was utilised and the assessment was undertaken in May 2011.
The completed report is now available at the end of this page titled Annex 5 Cook Islands Public Financial Management Performance Report, August 2011.
The findings from this report have highlighted public finance strengths and weaknesses and in response the government has developed the Cook Islands Government Public Financial Management Roadmap which outlines specific actions to improve weaknesses in the current public financial management system and to maintain areas of strength.
The Roadmap will focus on improving the following areas:
- Improving measures of accountability across government;
- Further reducing systemic vulnerabilities to corruption;
- Better transparency and more regular provision of key fiscal information to the general public;
- Greater involvement of the legislature in scrutinising public finances and the annual budget law;
- Improved control in budget execution; and
- Improving financial management capacity across government.
The Roadmap spans over a period of three years where specific actions are to be achieved by June 2015 with the initiation of a second PEFA assessment thereafter.
Six monthly reviews will be undertaken by key stakeholders with an expectation to report to the Minister of Finance on significant issues every six months and Cabinet on an annual basis.