The World Bank FM sector maintains its partnership with bilateral donors through a structure called the Joint Venture on Public Financial Management (JV-PFM). This structure was established through the Working Party on Aid Effectiveness of the OECD's Development Assistance Committee (OECD-DAC). The Working Party was set up in May 2003 in the context of the international consensus reached at Monterrey Conference on the actions needed to promote a global partnership for development and accelerate progress towards the Millennium Development Goals.
In order to effectively cover its broad mandate, the Working Party has established five themes to examine particular areas of interest: monitoring the Paris Declaration, public financial management (PFM), managing for development results, procurement and aid untying. The PFM theme is developed by the JV PFM, which seeks to facilitate implementation of the Paris Declaration as it relates to PFM. In particular, JV PFM focuses its activities at:
In 2001, the group issued Good Practice Papers on Financial Reporting and Auditing and Measuring Performance in PFM. These papers were included in a comprehensive publication in 2003, DAC Guidelines and Reference Series: Harmonising Donor Practices for Effective Aid Delivery -- Volume 1 (PDF, 1.0 Mb). The good practices presented in this publication represent a set of practical steps that -- if applied by development agencies -- should significantly improve the effectiveness of development assistance, while maintaining the same standards of quality.
- fostering implementation of commitments made at the High Level Forums in Rome and Paris, and
- sharing PFM knowledge and experiences among donors and partner countries
In 2005, Volume 2 (PDF, 1.4 Mb) was issued which focuses on good practice in providing budget support and support to sector-wide approaches. In doing so, it acknowledges the special relevance of PFM issues for both of these modalities of aid delivery. Also, the publication devotes a chapter to setting out good practice in providing support to capacity development for PFM.
For further information on the OECD-DAC JV PFM, contact Sanjay Vani, Svani@worldbank.org, tel. +1-202-458-4885.