By monitoring the delivery and use of financial and other resources, governments can track progress and draw lessons for policy design and implementation. Monitoring and review also lays the groundwork for greater accountability, and provides a basis for transparent dialogue among governments, partners and other relevant stakeholders.
In the context of an integrated financing framework, monitoring and review consists of three layers: (i) monitoring progress in different financing flows and policy areas, (ii) strengthening coherence among already existing tracking and monitoring systems and closing gaps in the architecture, and (iii) assessing whether the financing strategy itself is succeeding in increasing overall coherence and alignment of financing and related policies.
Monitoring and review starts with tracking changes in different financing flows. Such tracking can use a wide set of data, such as Sustainable Development Goal– (SDG-) relevant expenditure in public budgets. Monitoring systems then assess the impact of these flows on national priorities. For example, some countries have integrated SDGs into their budgetary performance evaluation system. Similarly, country results frameworks allow governments to review the impact of development cooperation with agreed, country-specific indicators for development results.
Existing tracking and monitoring systems may be distinct and may not be coherent. INFFs could serve as a vehicle to strengthen coherence among existing systems and close gaps in the architecture. For example, results frameworks for national budgets might not be aligned with results frameworks used in development cooperation. Bringing different monitoring systems together can also reveal redundancies and overlaps. The holistic perspective of an INFF can give further momentum to ongoing initiatives to better measure and report on the sustainability impact of private sector behaviour.
Monitoring and review activities should focus on whether the alignment and coherence of financing policies with national priorities is increasing; whether coordination among relevant stakeholders to this end is improving; and, ultimately, whether the integrated approach has raised additional resources for implementing a national sustainable development strategy. This review can provide an opportunity to solicit feedback from key stakeholders, both within government and from non-state actors. It can support ongoing dialogue among all relevant actors, allowing them to share lessons on what does and does not work.
Monitoring and review lays the groundwork for greater transparency and accountability. Accountability mechanisms can help ensure that governments are responsive to all stakeholders, including civil society, the private sector, parliamentarians and others. Such mechanisms can provide transparency to the policy process, facilitate mutual learning and thereby improve effectiveness. They can also help build partnerships and create political constituencies for reform processes, thus propelling political momentum for change.
The Inter-agency Task Force on Financing for Development is developing a series of guidance documents to help countries develop and implement their INFFs. Guidance materials on the monitoring and review building block will be available by the end of 2020.
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