The author explores PFM performance overall and across the budget dimensions defined by the PEFA Framework methodology of 57 PEFA assessments completed by August 2007. Country characteristics that may influence PFM system performance, such as population size, level of income and degree of dependency on foreign aid and natural resources, are compared to the results through statistical analysis.

The main conclusions are that there is a large variation in overall average scores and the average scores tend to deteriorate further down the phases of the budget cycle. Income levels and aid dependence are positively related to scores, based on the author’s regression analysis. Size is also noted as positively correlated with average PEFA scores.