Sunday, January 21, 2018

PNG Finance Department to roll out Integrated Finance Management System

Expansion of the Integrated Finance Management System (IFMS) will be undertaken within the next three years.

The roll out and expansion of the IFMS is expected in all government departments and agencies throughout the country.

Finance Minister James Marape said the onus is on making public funds expenditure scrutiny and management oversight real time, in which case the rolling out of the system would be the number one focus in the Finance Department.

“For the Finance Department, 2018 will see several activities rolled out including the Corporate Plan 2018-2022, which will see the new public finance management act conversion relate to the new corporate plan,” Mr Marape said.

“We are embracing the latest modernisation plan in finance, we are shifting away from being printers of cheques and shifting the functions to all agencies in which appropriations are made under the budget sectors and agencies, and they will be printing the cheques and running the program,” he said.

“Finance, Planning and Treasury departments will be the oversight managers at the micro level.

“Also on the cards for the department is ensuring all national procurements include locally owned SME’s and contractors,” Mr Marape said.

Other plans for the department include visits into the provinces to ensure the DSIP and PSIP are used according to the plans each province have given.

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