This report examines public financial management in Moldova, with a particular focus on budget preparation, execution and reporting. Moldova has already implemented the foundations of modern budget arrangements, and has made good progress in aligning with the OECD Recommendation on Budgetary Governance. The most significant reforms have been the introduction of new budget legislation, greater transparency of budget arrangements, a medium-term budget framework, performance budgeting, reforms to capital expenditure management, and piloting spending reviews. This report focuses on ways to strengthen existing arrangements to improve the quality of the country’s system of budgetary governance.