Recap: Enhancing Public Finance Resource Allocation
Clearly define your priorities.
Budgetary decisions should be in line with local or national development objectives.
Pay attention to the areas that will have the most effects, such as infrastructure, education, and health.
Make use of data-driven planning
Make decisions based on factual information and proof.
To help you make decisions, do impact and cost-benefit evaluations.
Put Performance-Based Budgeting into Practice
Distribute cash according to results rather than merely inputs.
Monitor and incentivize service delivery effectiveness and efficiency.
Increase Accountability and Transparency
Make spending reports and budget data available to the public.
Involve stakeholders and residents in the planning and oversight of the budget.
Cut Down on Corruption and Waste
bolster financial controls and procurement systems.
To find and stop abuse, use audits and impartial supervision.
Adopt Innovation and Technology
For reporting, spending, and budgeting, use digital platforms.
For predicting and decision-making, use AI and big data.
Encourage fiscal decentralization when it makes sense.
Give local governments the authority to allocate resources based on the needs of the community.
At the local level, make sure there are adequate checks, balances, and capacity.
Assure Adaptability and Sturdiness
Create budgets that are flexible enough to adjust to emergencies and shocks to the economy.
Invest in risk management techniques and keep emergency funds on hand.
Author: Mohamed Yasin
