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Ehnancing level of engagement with performance with data in the allocation and use of Seychelles - would an integrated VFM code
Finance & Accounting
Pages 32 (8032 words)
Enhancing levels of engagement with performance data in the allocation and use of resources in Seychelles-Would an integrated VFM code be a useful initiative in moving down this path? Name: Institution: Instructor: Subject: Date: Integrated Value for Money Processes Introduction Seychelles is categorized as a small country with its population lower than two million.
This culminated to extremely high debt ratios for this nation. Nonetheless, the government needs reforms in the public sector to curb the current problems it is facing. Reforms have been adopted in the various sectors and progress being followed by major bodies like the World Bank and UN Human Development. The allocation and use of resources in this nation shows a huge gap as compared to large nations. Russian being one of them has had adoption of better allocation of resources and aiding institutions develop performance indicators and institutionalize these in budget formulation (Diamond & IMF, 2005, 22). This exacerbates the dire need for evaluating value for money in government spending and finding insights in to areas that the VFM code is lacking and should be integrated. Analysis of the interview 1. VFM processes that are in use and how can they be enhanced through the adoption of a more integrated VFM based approach 67% of the respondents have outlined VFM practices in Education sector. However, there is need to have monitoring unit and review process. 33% of the respondent stated that VFM and performance budgeting will be introduced in 2015. ...
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