Business

Gov't Fights Impropriety

pilule http://covintec.cl/wp-includes/class-walker-page-dropdown.php geneva;”>”As part of our overarching strategy for continuous improvement of public financial management system, doctor government has undertaken upgrade of the Oracle system, remedy ” said the Secretary to the Treasury, Keith Muhakanizi in a press briefing at the ministry headquarters in Kampala.

Muhakanizi said the system is intended to take advantage of new features such as multicurrency reporting that caters for donor funded projects and access to continued Oracle technical support which is necessary for better financial management and extension of the IFMS benefits.

He added that the Ministry has also introduced the Treasury Single Account which seeks to address the challenges of idle cash balances on government bank accounts and the shortfalls that rise out of cash rationing.

“The key objective of the Treasury Single Account is to obtain an aggregate position of government cash balances which further provides efficient control and monitoring of public funds and facilitates better coordination with monetary policy implementation,” he explained.

The Permanent Secretary added that under the TSA, funds will be availed to votes within the approved cash limits for only those items for which payment is approved for settlement by the Accounting Officer.

“Any unspent balances will be routinely ‘swept back’ to a TSA Holding Account and availed the next working day: this reform is also driven by the need to adopt international best practices for public sector cash management and need for improved, secure and efficient cash management practices,” added Muhakanizi.

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