Modernizing Treasury Management in Developing Countries

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INTRODUCTION

Reforming treasury management is more an institutional reform than a technical exercise;

  • There is no one-size-fits-all formula to treasury modernization; reforms cannot be linear and uniform, but instead should be organic and reflect the context of each country;
  • Treasury modernization reform cannot be done in isolation; it has ramifications for reforms in other parts of the public sector;
  • When institutional or political changes happen (as they always will), plans for modernizing the treasury need to be flexible so as to accommodate the required adjustments.