Even when budget laws are well-calibrated, the actual availability of liquidity may prove insufficient to cover government commitments. Discrepancies between revenue and expenditure create daily tensions that directly affect the functioning of public administrations and the solvency of suppliers. Payment delays to businesses lead to reduced private investment and increased production costs, which ultimately weigh on prices and the competitiveness of economic actors.

These tensions are not visible in major macroeconomic aggregates, but they shape the perception of the state's reliability among financial partners and markets. A state unable to meet its timely obligations exposes itself to higher borrowing costs and a higher risk premium, which impacts all public and private debt.

Cash management therefore requires precise monitoring of flows, accurate forecasting of needs, and close coordination between government ministries and financial institutions. Optimizing payment scheduling and utilizing management tools such as lines of credit can reduce the economy's vulnerability to seasonal fluctuations in tax revenues or international transfers.

Furthermore, recent experience in several West African countries shows that accumulated arrears can reach several percentage points of GDP, particularly affecting public sector suppliers and delaying the implementation of strategic infrastructure projects. Public treasury thus becomes a central factor in economic resilience, the control of which is essential for the continuity of services and the stability of the national production chain.

Ultimately, this dimension underscores the primacy of transparency and budgetary communication. Economic actors must be able to anticipate periods of stress in order to adjust their investment and consumption decisions. Well-managed cash flow not only strengthens the credibility of the state but also the confidence of households and businesses in the country's macroeconomic stability.