VIII. GOVERNANCE ISSUES

i. Integrated Financial Management Information System (IFMIS)

Mr Speaker,

128. With regards to the Integrated Financial Management Information System (IFMIS), the procurement phase is underway, and is expected to be completed by December, 2004. This will be followed by the implementation phase, which is estimated to last 18 months, beginning early 2005. When fully operational, the IFMIS will enhance transparency and accountability, and enrich financial decision making through the ready availability of detailed financial information.

ii. Revised Financial Instructions

129. The Government Financial Instructions 1989 are currently being revised to make operational the Government Budget Management and Accountability Act 2004. In a similar vein, the Cash Planning Manual is being developed with the view to support and complement the smooth implementation of the Organic Budget Law.

130. Furthermore, several legislations have been passed during the last two years, namely, the Insurance Act, Money Laundering Act, etc all geared towards a sound financial services environment, fiscal democracy and better public expenditure management. The National Assembly, during its current sitting, has also passed the Income and Sales Tax Act.

 

-end.