Responding to COVID-19: PFM challenges Friday, June 19, 2020 at 14.00 – 15.30 Vienna time (CEST) Introduction Tom Richardson, JVI director, and Carolina Renteria, chief of the PFM division of the IMF’s Fiscal Affairs Department Presenter Michelle Stone, Vincent Tang, Ashni Sing and Yugo Koshima (all IMF, Fiscal Affairs Department) As governments “do what it takes” in launching strong fiscal responses to address the adverse impact of the COVID-19 pandemic and protect lives and livelihoods, Public Financial Management (PFM) systems capability and adaptability come into focus. PFM systems are crucial in ensuring the efficacy of the governments’ emergency responses. PFM managers need to reassess policy priorities, ensure availability of funds to service delivery units, and account and report on the use of resources, while ensuring business continuity. Yet, lessons from other crises show that emergency spending is often vulnerable to misuse and corruption. Risks stemming from lockdowns and absences of staff, involvement of many, often uncoordinated, actors, or the size and speed of announced interventions are present also in the responses to the current crisis. Drawing on the recent IMF special series on fiscal policies to respond to the COVID-19 challenges, this webinar discusses how PFM systems can effectively deliver the announced policy responses, while safeguarding the accountability, transparency and legitimacy of the measures. Challenges and common lessons will be discussed. Michelle Stone will present the IMF Fiscal Affairs Department’s special note on “Preparing PFM systems for emergency response” (English <https://www.imf.org/~/media/Files/Publications/covid19-special-notes/special-series-on-covid19-preparing-public-financial-management-systems-for-emergency-response.ashx?la=en> / Russian<https://www.imf.org/~/media/Files/Publications/covid19-special-notes/Russian/ru-special-series-on-covid19-preparing-public-financial-management-systems-for-emergency.ashx?la=en>) She will be joined by Vincent Tang who will present the note “Keeping the receipts: Transparency, Accountability, and Legitimacy in Emergency Responses” (English <https://www.imf.org/~/media/Files/Publications/covid19-special-notes/en-special-series-on-covid-19-keeping-the-receipts.ashx?la=en> / Russian<https://www.imf.org/~/media/Files/Publications/covid19-special-notes/Russian/ru-special-series-on-covid-19-keeping-the-receipts.ashx?la=en>) And by Ashni Singh and Yugo Koshima who will present the note “Budget Execution Controls to mitigate Corruption Risk in Pandemic Spending” (English <https://www.imf.org/~/media/Files/Publications/covid19-special-notes/enspecial-series-on-covid19budget-execution-controls-to-mitigate-corruption-risk-in-pandemic-spendin.ashx?la=en> / Russian<https://www.imf.org/~/media/Files/Publications/covid19-special-notes/Russian/ru-special-series-on-covid-19-managing-public-investment-spending-during-the-crisis.ashx?la=en>) The webinar will be opened by Tom Richardson, JVI director, and Carolina Renteria, chief of the PFM Division of the IMF's Fiscal Affairs Department. Moderation will be provided by Barbara Dutzler and Tatiana Evdokimova (both JVI) Participants are encouraged to ask written questions to the presenters using the webinar’s chat forum. The webinar will be held in English. To participate in the webinar please sign up here<https://www.jvi.org/training/application-forms/webinar-application-2020.html>. In the coming weeks and months, the JVI will organize further topical webinars in the field of financial stability, fiscal policy and macroeconomics. Besides, we will conduct a number of our courses in a virtual format. The latest version of the JVI course schedule can be found here<https://www.jvi.org/training/course-schedules/course-schedule-2020.html>. We look forward to engaging with you! Thomas Richardson, Director, Joint Vienna Institute