This supplementary module will look at some of the issues surrounding Public Financial Management (PFM) and explore how PFM can provide a supportive environment for health financing reform toward universal health coverage. You will learn about the key steps of the budget cycle – budget formulation, budget execution and budget monitoring – and understand how they matter for health financing. After completing this module, you will have a better understanding of key PFM issues and how they can be addressed in the health sector.