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Public Expenditure and Financial Accountability AssessmentThe objective of this assessment is to
 update the public expenditure and financial accountability
 (PEFA) assessment published in early 2008. The assessment is
 expected to assist the Government of Nepal to: (a) establish
 indicator led assessment of the country’s public financial
 management (PFM) system, (b) update the fiduciary
 environment of the PFM systems and processes of the country,
 and (c) assist in identifying those parts of the PFM system
 that may need further reform and development. The
 institutional and organizational approach taken by the
 Government of Nepal ensured coordination among various
 government institutions. The assessment included collection
 of additional documentation, including meeting minutes, and
 interviews with government counterpart teams and main
 stakeholders. The report was updated and refined following
 advice from a World Bank team. A specialist in the use of
 PEFA methodology assisted in the later drafts and visited
 Nepal in August 17-20, 2014. Meetings were held with the
 PEFA Secretariat at the Financial Comptroller General Office
 (FCGO) and with the Ministry of Finance (MoF) Budget
 Division. This final draft of the report addresses all the
 comments received up to November 31, 2014. The findings of
 the assessment were shared with the donors in September 2014
 and their comments assisted the finalization of the draft
 report. The World Bank also provided continuous quality
 control support.
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Colombia - National Level Public Financial Management and Procurement Report : Public Financial Management PerformanceThis Public Financial Management
 Performance Report (PFMPR) analyzes the performance of
 Colombia's public financial management (PFM)
 institutions, systems and processes. It documents areas
 where performance is close to or follows international good
 practice, as well as opportunities to further enhance PFM
 contribution to the goals of strengthening fiscal
 discipline, enabling more efficient allocation of resources,
 increasing operational efficiency, and fostering
 transparency. It is expected that the identified
 opportunities will strengthen further the Government of
 Colombia's programs of continuous PFM improvement, as
 provided for under the National Development Plan pillar
 regarding a state at the service of its citizens: efficient
 and effective Government. The main challenges cited in the
 report could also be an important reference to future
 development plans and PFM reforms. Ensuring the
 sustainability and trajectory of PFM programs becomes even
 more critical in the context of public expenditure policies
 to deal with the current international economic crisis. The
 study is based on the 28 high-level indicators and 69
 individual dimensions that compose the PFM performance
 measurement framework. Each indicator seeks to measure
 performance of a key PFM element against a scale from A to
 D. The highest score is warranted for an individual
 indicator if the core PFM element meets the relevant
 objective in a complete, orderly, accurate, timely and
 coordinated way, based on existing good international practices.
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Mongolia Public Financial Management Performance ReportThis public financial management
 performance report (PFM-PR) is the first assessment of
 Mongolia’s PFM system using the public expenditure and
 financial accountability (PEFA) framework. The report aims
 principally to establish an objective baseline measure of
 current PFM performance, highlighting areas of absolute and
 relative strength and weakness, thereby enabling a
 stock-taking of over a decade of PFM reforms in Mongolia and
 guiding the government in its reform priorities. The
 assessment covers PFM at the budgetary central government
 level. The PEFA is an evidence-based methodology that
 measures the performance of a country’s PFM system at a
 particular point in time using a set of standardized
 indicators. The assessment is done on six dimensions of an
 open and orderly PFM system identified by the framework,
 which are: credibility of the budget; comprehensiveness and
 transparency; policy-based budgeting; predictability and
 control in budget execution; accounting, recording, and
 reporting; and external scrutiny and audit. This PEFA
 assessment will complement the considerable work that has
 already taken place on public expenditure management, which
 includes regular economic updates, public investment
 reviews, procurement reviews, analytic work conducted and
 supported by the World Bank funded technical assistance
 projects, as well as technical assistance mission reports of
 the International Monetary Fund (IMF).