Under ADB sponsorship, FSM was represented by Assistant Director for Budget and Economic Management Ignacio Stephen. The neighboring north Pacific countries of Palau and Marshalls sent three participants each.
The meeting was a good way to see FSM’s efforts and status in financial management, planning and budget controls.
FSM’s budget and economic planning structure, combined under one office, was described in the meeting as innovative and a recommended model for other Pacific countries to consider.
It was noted as an effective model for integrated budget and economic planning.
While most Pacific countries have completed their assessment for Public Expenditure and Financial Accountability, or PEFA, like other countries in other regions, FSM has only started on the project earlier this year.
A workshop was conducted earlier this year in Palikir, and a self-assessment was done last September.
To complete the project, an in-depth PEFA assessment was planned to begin Nov. 28 and would utilize experienced consultants who had done similar assessments for other countries in the past.
