Marape Confident in Govt’s Financial Management

By ISAAC NICHOLAS ( Post Courier )

Finance Minister James Marape has told Parliament of how the government’s public financial management reforms is gaining efficiency, transparency and accountability in the public sector accounting and budgeting.

In a statement to the House yesterday, Mr Marape said the reforms to the Public Financial Management (PFM) reforms which started three years ago is gaining momentum.

Minister Marape said so there the Finance Department is seeing unprecedented progress in achieving targets under the PEFA Road Map, particularly progress with roll-out of the Integrated Financial Management System (including strengthened budget management practices), issuing of Public Accounts Reports, and the successful legislative amendment of the Public Finances (Management) Act (PFMA) to modernise and harness best business practice.

“I will not pretend for a moment that there are not many challenges that continue to lie ahead and that much remains to be done. I acknowledge those challenges but have every reason to feel confident that the experience of the last three years sees us very well placed to continue to maintain the pace of PFM reform in this country.”

Marape said the strengthening of the PFM has seen improvements in delivering on grass roots development objectives to the people through a more streamlined and effective delivery of programs and services nationally, to the provinces, to the districts and to local level government.

“PFM reform momentum is high, achievements to date are real and significant, cooperation and collaboration between Government departments on the one hand, and between national and provincial interests on the other in the common cause of advancing the quality of PFM in this country is at an unprecedented level. There is much to be positive about.” Marape said

However, the Finance Minister admitted that the reforms has not been a positive story given the poor state of public financial management in PNG over many years and only in 2014, the Government decided to take a whole-of-government approach to address the parlous state of public financial management in PNG.

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