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Gov't reaping benefits of new treasury system

Published:Saturday | August 22, 2015 | 12:00 AM

The decision by the Government to transition the Accountant General's Department (AGD) into a modern treasury management system is said to be already reaping benefits.

Director General of the Public Financial Management Secretariat in the Ministry of Finance and Planning Diane McIntosh said with the reform process, which was rolled out in June, the AGD was now in charge of

central cash management and was making payments on behalf of all ministries, departments, and agencies.

McIntosh said the benefits of this move were being seen and felt in that the Government's cash resources were more aggregated, and electronic transfers were replacing the time and cost of printing cheques.

"A lot of the accountant general's processes have been manual for many years, so we are actually changing out those manual systems into much more rigorous information communication technology (ICT)-centric operations," McIntosh said.

turn-around time lessen

She noted, for example, that in the past, pension cheques took close to five weeks to process, but with the implementation of a new customer-friendly pressure-sealed format, the AGD can process cheques in five hours.

McIntosh said that implementation of the system was a key recommendation to correct deficiencies in the ministry's cash-management process.

The move also formed part of the overall reform of the Public Financial Management system in the ministry aimed at creating a more efficient and effective administration of funds used to deliver services to the public.

McIntosh said cash management was a critical part of the country's economic reform programme, hence the reform in the operations of the treasury was timely.