FINANCIAL MANAGEMENT IN THE PUBLIC SECTOR

Abstract

In the context of the financial management improvement, it has been given and will continue to be given priority to decentralization of responsibility management in public finance, through the provision of the right of use of Government Financial Informatics System (GFIS) to general governance institutions, concerning the process of executing their budget. Also the direct use of GFIS from those mentioned above is accompanied by the addition of internal controls in the procurement phase of public funds. Monitoring of financial management in the public sector is important not only for affecting directly in the efficient and economic use of public funds, but it significantly affects in the establishment of a sustainable culture in the better use of public funds. The country is aspiring to be a European Union member and consequently increasing the financial management performance constitutes a continuing objective of all governments. The legal framework and units and institutions that do monitoring of public financial management, are newly created, they continue their quest to grow and consolidate.