Critical financial resources have become an issue for many countries since the expansion of the federal governments expenditure. This course equips students with an understanding of the governments role in achieving public finance objectives and what justifies governments intervention in the market system. This course addresses the financial sustainability of a state by complementing the western worldview with the Islamic perspective with the hope to find consolation of what and how government should move forward. The first part of the course looks at related philosophy, theory, concept and nomenclature in economics, public finance and other related fields that is important to study the role of government in public financial management today. The second part deals with fiscal instruments such as annual budget and system, taxation system and debt, above and all had increased governments reliance on deficit finance. The third part covers topic of financial management and governance of the public sectors practices and performance with reference to the global comparison.