The six TV screens were installed at strategic places of the Department of Finance.
Reports from provincial and district treasuries go online and are broadcast on the 55’ inch screens.
The new system was set up with support from the United Nation’s Development Program (UNDP).
The new tool is an effort towards establishing an effective monitoring system and communication network, which would help eliminate backlogs in submission of monthly bank reconciliations and annual financial statements currently faced by the department.
Finance Secretary Dr Ken Ngangan said: “This is an important tool that will promote transparency and accountability, in line with the strategic directions of the Department of Finance to improve compliance in our public accounts.
“As of this launching I am putting every one of you – provincial treasurers – on notice to be accountable in your respective responsibilities”
The Department of Finance manages more than 600 government accounts across the country.
An accurate and timely financial report needs to be submitted on a monthly and yearly basis, which means that more than 7000 financial reports are produced every year.
UN resident coordinator and UNDP resident representative Roy Trivedy said: “Greater transparency is vital for an effective public service. The new monitoring tool will assist building effective public fund management system and the UN supports this innovation.”
It is understood that the system would later on incorporate other key performance indicators of the department, such as budget and expenditure performance, revenue collection, gender equity and social inclusion indicators and more.
The initiative is part of UNDP’s broader work on improving financial management across PNG through the provincial capacity building and enhancement programme with support from Australian and PNG governments.