Introducing Public Finance Management (PFM)
Transforming and leveraging fiscal service events
About Public Finance
Public finance management, or PFM, is how governments manage public expenses and revenues. It is a crucial means of ensuring the effective allocation and utilisation of public resources. The objective of a robust PFM system is to enhance fiscal transparency, resulting in improved accountability and effective resource allocation. Such a system strengthens the government's ability to deliver essential public services and maintain economic stability, leading to long-term benefits in public welfare and economic growth outcomes.
iFIX or integrated Fiscal Exchange solution is designed to address the challenges facing public finance management. iFIX is a set of open-source specifications that establishes a standardised language for finance and line departments to interoperate. iFIX is a digital public infrastructure (DPI) that aims to facilitate seamless electronic information exchange for effective digital public financial management. The solution enables connected applications to exchange standardised fiscal events e.g. Demand, Receipts, Bills, and Payments. The fiscal event consists of attributes explaining the details of why, who, what, where and when it happened.
