The budget process is critical to strong public financial management. Each year, in the Houses of Parliament, the government publicly declares which method(s) will be used to collect funds, whether by way of taxes, divestments, duties or excise; the government must also publicly declare, how those funds which are to be collected will be spent. That discussion is what takes place once the Finance Minister tables the Estimates of Expenditure and Revenue at the end of the financial year. This practice of debating the budget is part of good public financial management and makes the business of government transparent. Transparent budget debates as is practiced in Jamaica, is integral to good governance and democratic accountability. 

With a strong public financial management system in place, the GOJ signals to international donor agencies, that there is a higher level of transparency and accountability and as such, confidence in the management and use of international funds on the prescribed and approved projects are assured. Therefore, the trust and confidence that international donor agencies have in a government is improved.

The Government of Jamaica's implementation of a strong public financial management system; in the form of the Central Treasury Management System, improvement to Public Procurement Policy; a more open and equitable tax administration system and the automation of the Jamaica Customs procedures, has resulted in Jamaica being rated as the Best place in the Caribbean to do business. (Forbes 2014)

The Budget process has been strengthened as a result of GOJ's implementation of a modernised public financial management system. Government has also been better able to prioritise public service areas and plan for those service activities that are critical to nation building and public good.