Stories

Investing in institutions that support better outcomes for all Stories

12 May, 2021

Robust Public Financial Management (PFM) systems are essential to ensuring that public resources are allocated and managed effectively, and ultimately contribute to better public services and more productive investments. Strong PFM systems support strategic and timely budget planning and execution, reduce fragmentation in revenue streams and funding flows, improve public procurement processes, and promote transparency and public sector accountability. Public financial management reforms, corroborated by political commitment, can play a critical role in ensuring that developing countries can channel their limited public finances to better serve their citizens and businesses.

Cowater International has a large portfolio of interventions that support improvements in public financial management and accountability. We work with Central Banks, Ministries of Finance, Courts of Accounts, financial sector regulators and private sector associations to address a range of constraints that affect the ability of developing countries to maximize the efficiency of public finances. We support revenue mobilization, public expenditure analyses, financial sector supervision, public sector audits and work with governments and diverse stakeholders to combat corruption and promote good governance in the public sector.

We partner with the European Union to support countries around the world in strengthening macroeconomic stability, regulatory oversight, and financial discipline and control. Our expertise contributes to enhancing the effectiveness of revenue policies and tax administration, and supports transparent financial reporting and procurement systems.

In Albania, Cowater International is working with the National Coordinator Against Corruption and the Ministry of Justice to develop a public communication campaign to raise awareness about corruption. This EU-funded activity is supporting Albania’s ambitious efforts to address corruption and reform public administration. Moreover, this support is harmonized with the country’s commitment to better support economic development, improve the quality of public services, and increase public sector accountability and fiscal discipline. Through a combination of training resources and methodological support, Cowater International is helping the Albanian Ministry of Justice and Albanian public servants to implement more effectively the country’s anti-corruption and public financial management reforms. In addition, we are supporting the National Audit Office in Albania to boost their capacity to manage EU pre-accession IPARD funds, ensuring adequate internal controls and reporting, and addressing fraud and irregularities.

In Vietnam, Cowater International has been supporting the drafting of a new law on business insurance. We have been assisting the Ministry of Finance of Vietnam in establishing a stronger oversight mechanism of the sector that is in line with international standards and promotes transparency and competition.

In Lebanon, with funding from the European Union, Cowater International is providing public financial management expertise to conduct an analysis in the education sector. The diagnosis aims to identify the most critical issues facing the Lebanese education sector, including access to, quality and equity of education services, as well as governance and financing aspects, and formulate recommendations to address existing needs.

Cowater International supports socio-economic development and improvements in human capital through a wide range of interventions, across 12 major service lines. Through advancing reforms in public financial management systems and building more accountable public sector institutions, we can support developing countries in reducing inequalities and ensuring that public resources work for all citizens.


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