“The PEFA ( Public Expenditure and Financial Assessment) Public Financial Management (PFM) Performance Measurement Framework has been developed by the World Bank, IMF, DfiD, the EC among others to assess and develop essential PFM systems, by providing a common pool of information for measurement and monitoring of PFM performance progress, and a common platform for dialogue. The PEFA PFM Performance Measurement Framework incorporates a PFM performance report, and a set of high level indicators which draw on the Highly Indebted Poor Countries) HIPC expenditure tracking benchmarks, the IMF Fiscal Transparency Code and other international standards. It forms part of the Strengthened Approach to supporting PFM reform, which emphasizes country-led reform, donor harmonization and alignment around the country strategy, and a focus on monitoring and results. This approach seeks to mainstream the better practices that are already being applied in some countries.
The IMF Mission which will be here from May 29 to June 12, 2010 will meet officials and Advisers of all Directorates in the Ministry of Finance to prepare the PEFA report that would reflect the assessment of both the Government and the IMF led Mission. The IMF Mission had earlier visited Timor Leste in from January 18 to February 2, 2010 during which time in addition to working on a Report on Observance of Standards and Codes (ROSC) the Mission held workshops and discussions with officials and advisers of the Government of Timor Leste on PEFA requirements and modalities”.