Commitment Controls prepared by Dimitar Radev and Pokar Khemani published by IMF (10/2009).
The three major objectives of a public fi nancial management system (PFM) are: (1) fi scal discipline (expenditure control); (2) allocation of resources consistent with policy priorities (strategic allocation of resources); and, (3) prudent management of the government’s fi nancial resources (economy, effi ciency, and effectiveness). These three objectives—together with the need for transparency and accountability in fi scal relations—are complementary and interdependent, though in many developing countries fi scal discipline, in many ways, is of paramount importance, and any efforts at addressing the other two objectives come next.
