SECTOR:
Macroeconomics and Public Finance Management
NTU International has significant experience in the EU support to developing countries in the sector of Macro economy, Public finances and Regulatory aspects including taxation and public procurement.
Within our large portfolio of projects, we implemented the Multiple Framework Contract Lot 11 Macro economy, Statistics and Public Finance Management, within this FWC NTU mobilized expertise on short notice, to carry out projects in any EUROPEAID beneficiary country in the World, receiving external aid.
Key projects delivered by NTU included:
- Lesotho - Consultancy to assist Ministry of Finance and Development Planning Lesotho in the context of 10th EDF Budget Support Programme - Drawing on lessons learnt from past joint reviews of Budget Support, NTU was responsible to review the PAF in preparing for the phase II of the Budget Support Programme.
- Benin - Joint Support Project for Good Governance in the areas of public finance and statistics (PAC) - Audit mission of internal control structures, systems and practices. In this project NTU was responsibel to prepare the implementation of priority actions under the Action Plan for Improving Public Finance Management (PAAGFP) to strengthen the internal control structures of budget management.
- Montenegro - Enhancing the public procurement system in Montenegro. The overall objective is to enhance the efficiency, competitiveness and transparency of the public procurement sector in Montenegro. By the provisions of services NTU was responsible to review national legislation on public procurement and harmonise it with the acquis communitaire, particularly Directive 2004/17/EC of the European Parliament and of the Council of 31 March 2004; to develop capacities for introducing centralized public procurement in Montenegro as a regular practice; to support the upgrade in IT system for public procurement.
- Azerbaijan - Support to the Ministry of Taxes to draft a Twinning project fiche in the field of Human Resource Development.
Another Large 3 years TA contract NTU delivered in the sector is the EU Support to Public Finance Management Reform, Maseru – Kingdom of Lesotho. The purpose of this contract was to support the implementation of the National Strategic Development Plan, so as to: Create high, shared and employment generating growth; develop key infrastructure; enhance the national skills base and the adoption of technology; improve health, combat HIV and AIDS and reduce vulnerability and promote peace, democratic governance and effective institutions. The project was focused on developing the technical, management, institutional and organisational capacities of personnel engaged in the implementation of the GOL PFM Reform Action Plan. The aim of the project and of the contract was thus to update the PFM regulatory framework underpinning the PFM reforms and to build capacity across MDAs to support and sustain the implementation of the PFM regulatory framework.
Macroeconomics & Public Finance Management facts
- Digital currencies and blockchain technology are emerging as new areas of interest in both macroeconomics and public finance management with many governments and central banks exploring the potential benefits and risks of digital currencies.
- In 2023, there is growing awareness of the importance of incorporating sustainability considerations into macroeconomic policies and public finance management.
- The role of fiscal policy in promoting economic growth and stability continues to be a key focus of macroeconomic research and policy. Governments are exploring a range of measures, from tax reform to infrastructure investment, to stimulate economic activity and job creation.
- In public finance management, there is increasing attention on improving transparency, accountability, and efficiency in government spending. This includes the use of technology to streamline budgeting and financial reporting processes.
- The COVID-19 pandemic has highlighted the importance of fiscal resilience and preparedness in public finance management. Many governments are seeking to strengthen their financial management systems and emergency response mechanisms to better respond to future crises.
- Macroeconomics and public finance management are closely intertwined, as government policies and spending decisions can have a significant impact on the overall economy. As such, there is growing recognition of the need for more integrated and coordinated approaches to macroeconomic and fiscal policymaking.
