Kenya’s public finance management
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Kenya’s public finance management
Kenya’s public finance management system has undergone significant changes in recent years, with a focus on improving transparency and accountability. The government has implemented a number of reforms
aimed at enhancing the overall efficiency and effectiveness of public spending, while also addressing issues of corruption and mismanagement.
One of the key changes in Kenya’s public finance management has been the introduction of the Public Financial Management Act of 2012. This legislation aimed to improve the overall governance and accountability
of public finances by establishing a framework for budget preparation, execution, and reporting. It also introduced new systems and procedures for procurement, accounting, and auditing, with the goal of reducing the
potential for fraud and abuse.
In addition to the Public Financial Management Act, the government has also introduced other reforms aimed at improving transparency and accountability in public finance management. For example, the Integrated
Financial Management System (IFMS) was introduced to provide a centralized platform for financial management, including budgeting, accounting, and procurement. This system aims to improve the efficiency of
financial management by reducing duplication of effort and increasing transparency.
The government has also introduced a number of measures to improve the transparency and accountability of public procurement. The Public Procurement and Disposal Act of 2005 established a framework for
public procurement and introduced new systems and procedures to ensure that procurement processes are fair, transparent, and competitive. The government has also established a number of institutions and
mechanisms to monitor procurement and ensure compliance with the Act, including the Public Procurement Oversight Authority and the Public Procurement Administrative Review Board.
To improve transparency and accountability in public finance management, the government has also established a number of oversight bodies and mechanisms. For example, the Controller of Budget is responsible
for monitoring the implementation of the budget and ensuring compliance with the Public Financial Management Act. The Auditor General is also responsible for auditing the accounts of the government and ensuring
compliance with financial regulations. Kenya’s public finance management
Despite these efforts, public finance management in Kenya continues to face a number of challenges. Corruption remains a significant problem, with reports of misuse of public funds and abuse of procurement
processes. In addition, the public finance management system remains complex and difficult to navigate, with a lack of clear lines of accountability and weak systems for monitoring and reporting.
In conclusion, Kenya has made progress in improving its public finance management system in recent years, but it still faces significant challenges, particularly in terms of corruption and lack of transparency. The
government will need to continue to implement reforms and oversight mechanisms to address these issues and ensure that public funds are used effectively and efficiently to serve the needs
Kenya’s public finance management
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