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Public Financial Management and Economic Growth: Reimagining Accountability for Sustainable Socio-Economic Development
Subject area: Management and Commerce · Area of research: Public Financial Management
DOI: https://doi.org/10.64388/IREV9I11-1718039
Abstract
Public financial management has become a central issue in the pursuit of economic growth and sustainable socio-economic development, particularly in developing economies where weak institutions, fiscal leakages, and poor accountability often undermine development outcomes. This paper examines the relationship between public financial management and economic growth, with emphasis on reimagining accountability as a strategic tool for promoting sustainable socio-economic development. Using annual secondary data and a modest empirical framework, the study focuses on key indicators such as government expenditure, fiscal balance, public debt, and inflation in explaining growth performance. The paper argues that effective public financial management requires more than routine budgeting and expenditure reporting; it demands transparency, fiscal discipline, institutional efficiency, and strong monitoring mechanisms. The analysis suggests that while public expenditure can stimulate growth, weak accountability systems, persistent deficits, and rising debt burdens may reduce the developmental value of fiscal operations. The paper concludes that accountability must be repositioned from a narrow administrative requirement to a broader governance instrument that promotes prudent resource allocation, macroeconomic stability, and long-term development outcomes. It recommends stronger fiscal transparency, improved expenditure tracking, and more credible debt oversight as necessary reforms for achieving sustainable socio-economic development.
Keywords
Public Financial Management, Economic Growth, Accountability, Fiscal Discipline, Sustainable Development.
How to cite this paper
@article{1718039,
author = {Dr. Augustine Olorunfemi Obalemo, Dr. Juliet Nguseer Ingya},
title = {Public Financial Management and Economic Growth: Reimagining Accountability for Sustainable Socio-Economic Development},
journal = {Iconic Research And Engineering Journals},
year = {2026},
volume = {9},
number = {11},
pages = {3242-3248},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1718039.pdf},
abstract = {Public financial management has become a central issue in the pursuit of economic growth and sustainable socio-economic development, particularly in developing economies where weak institutions, fiscal leakages, and poor accountability often undermine development outcomes. This paper examines the relationship between public financial management and economic growth, with emphasis on reimagining accountability as a strategic tool for promoting sustainable socio-economic development. Using annual secondary data and a modest empirical framework, the study focuses on key indicators such as government expenditure, fiscal balance, public debt, and inflation in explaining growth performance. The paper argues that effective public financial management requires more than routine budgeting and expenditure reporting; it demands transparency, fiscal discipline, institutional efficiency, and strong monitoring mechanisms. The analysis suggests that while public expenditure can stimulate growth, weak accountability systems, persistent deficits, and rising debt burdens may reduce the developmental value of fiscal operations. The paper concludes that accountability must be repositioned from a narrow administrative requirement to a broader governance instrument that promotes prudent resource allocation, macroeconomic stability, and long-term development outcomes. It recommends stronger fiscal transparency, improved expenditure tracking, and more credible debt oversight as necessary reforms for achieving sustainable socio-economic development.},
keywords = {Public Financial Management, Economic Growth, Accountability, Fiscal Discipline, Sustainable Development.},
month = {May},
doi = {https://doi.org/10.64388/IREV9I11-1718039}
}