As a function of good governance, financial management (FM) forms an integral part of the development process in all Global Bank-financed operations and country institutional strengthening efforts, and is crucial to achieving the Global Bank Group’s (the “Bank Group”) goals of ending poverty and hunger, and to achieve sustainable development in its three dimensions through promoting inclusive economic growth, protecting the environment, and promoting social inclusion.

Global Bank’s financial management work has dual objectives that are closely intertwined: to support borrowing countries in improving their financial management performance and capacity while encouraging public disclosure and transparency, and to provide reasonable assurance on the use of Global Bank financing proceeds. Sound public financial management (PFM) ensures accountability and efficiency in the management of public resources, and is an essential underpinning to improve governance and fight corruption.

Building Country Capacity
At the country level, financial management staff collaborate across the Global Bank group, and with international accounting and auditing bodies and donor partners to help countries strengthen their financial management capacity in both the public and private sectors. Financial management specialists focus on helping countries develop sound financial systems and practices, including a strong accountancy profession with quality corporate financial reporting, efficient delivery of services, and enhanced accountability and transparency in the use of public resources.

Financial Management Policies in Bank-financed Operations
In accordance with Global Bank’s operational policies and procedures, financial management specialists work with partner countries to design financial management and disbursement arrangements and to supervise and support the performance of Global Bank-financed operations.

Engagement with Global Partners
At the international level, the Global Bank Group engages in global partnerships with development partner organizations to promote financial management standards and financial management capacity development initiatives. Staff also play leadership roles in partnerships with bilateral and multilateral donors to coordinate and harmonize financial management policy and operational practices, which enhances development effectiveness.