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PublicationMontenegro : Public Expenditure and Financial Accountability Assessment(Washington, DC, 2009-07) World BankThe purpose of the assessment is to provide the Montenegrin authorities with an internationally-recognized benchmark evaluation of the performance of the Montenegrin Public Financial Management (PFM) systems in order that they may thereafter consider the systems' strengths and weaknesses and develop strategies to strengthen them. The assessment comes at a critical juncture. After double-digit growth in 2007, economic growth has slowed considerably. On the fiscal side, the boom contributed to fiscal surpluses which cannot be sustained in the current economic climate and additional challenges in fiscal management have emerged. The potential to contain recurrent expenditure and implement institutional reforms on the integration path will require increasing efficiency in public administration. The management of the surge in tax and other revenues represented a special challenge for the government particularly given the significant revenues realized from the-one-off foreign investment in privatized state-owned enterprises. The level of public debt, which had steadily decreased over the past few years will be more difficult to contain, particularly in view of the highly pro-cyclical nature of economic policies. The PEFA assessment focuses primarily on the national level of a country's PFM system. PFM improvements now under consideration could contribute substantially in responding to those challenges. PublicationSerbia : Public Financial Management Assessment(Washington, DC, 2007-02-16) World BankThe primary objective of this Public Financial Management (PFM) assessment is to provide an assessment of the strengths and weaknesses of the PFM system in the Republic of Serbia, which can help the government to prioritize and measure progress in PFM reform. This assessment of Serbia's PFM performance is based on 28 indicators developed by Public Expenditure and Financial Accountability (PEFA) and organized around 6 pillars representing core dimensions of PFM performance. PFM performance, as measured by PEFA indicators, informs of key outcomes in public expenditure management (fiscal discipline, allocative efficiency, and operational performance). PEFA assessments provide snapshots of a country's PFM performance allowing for international comparisons. Repeated assessments aim at assisting governments in monitoring the progress of PFM performance over time. The scores are assigned in accordance with the interpretations and the scoring methodology provided by PEFA.