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Cabinet has approved the implementation of a Central Treasury Management System, geared at creating greater efficiencies in the government’s financial management and budget process.
The system follows complaints about the high cost of financing the current inefficient system of managing public funds.
Minister without portfolio in the Finance Ministry, Don Wehby, said the implementation of the new system is part of the government’s reform programme to increase fiscal responsibility and reduce debt.
He says the Central Treasury Management System is also expected to reduce the operation of a number of public entities.
The Cabinet’s decision now means that the responsibility for treasury management and functions currently being shared between the Accountant General’s Department and the Finance Ministry will be controlled by a single agency.
A consultant is also to be appointed by the Finance Ministry to guide the implementation of the new system.
http://go-jamaica.com/news/read_article.php?id=9230
The system follows complaints about the high cost of financing the current inefficient system of managing public funds.
Minister without portfolio in the Finance Ministry, Don Wehby, said the implementation of the new system is part of the government’s reform programme to increase fiscal responsibility and reduce debt.
He says the Central Treasury Management System is also expected to reduce the operation of a number of public entities.
The Cabinet’s decision now means that the responsibility for treasury management and functions currently being shared between the Accountant General’s Department and the Finance Ministry will be controlled by a single agency.
A consultant is also to be appointed by the Finance Ministry to guide the implementation of the new system.
http://go-jamaica.com/news/read_article.php?id=9230