Abstract
The paper reveals the essence of the system of public financial management (PFM), defines its key elements of the PFM system, and articulates goals and objectives in enhancing employment. The authors definition of PFM is given. A comparative analysis of managerial financial cycles in the public and private sectors of the economy is carried out. The historical aspect of the PFM reforms is also analyzed, and various approaches to financial management (income and expenditure) in the public sector are studied and suggested better ways to improve the busyness of the population. Factors influencing the effectiveness of the PFM reforms are revealed. The challenges faced by financial managers in implementing public finance reforms are analyzed, and the opportunities that can be used to achieve the objectives of the PFM system, some of which are simultaneously challenges are analyzed.
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