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Digital money is spearheading the next wave of public financial management reforms in East Asia Pacific

Khuram Farooq's picture
 
A herder boy in rural Mongolia. Photo: Khasar Sandag / World Bank

Use of digital money increasingly dominates the public financial management (PFM) reform priorities of most governments in the East Asia Pacific region, according to key findings of Public Expenditure Management Network in Asia – Treasury Community of Practice workshop held in Bangkok in March. 

South Korea leads this trend, although China, Indonesia, Vietnam, Philippines, and Mongolia are at various stages of implementing and expanding the use of digital money to transform government payments, disbursements and receipt systems.

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