FINANCE MINISTER Dr Peter Phillips says the Government has completed the roll-out of a Central Treasury Management System six months ahead of schedule.
Phillips, who was addressing an economic reform programme stakeholders' conference at the Jamaica Conference Centre in Kingston yesterday, said the system has resulted in substantial savings to the Consolidated Fund.
The Central Treasury Management System is a critical component of the Government's Economic Reform Programme, which will be used to effect the management of: cash; Government's bank accounts; financial planning and forecasting of cash flows; public debt management; administration of foreign grants and counterpart funds from international lending and donor agencies; and financial assets management.
"The 30 sites in the public sector that were to have been part of the Central Treasury Management System, whereby Government runs its accounts out of the Bank of Jamaica. All those sites are now online," Phillips said.
He added: "The Government of Jamaica is not holding those balances any longer in the private financial institutions and borrowing the money at great cost to us."
In March, Financial Secretary Devon Rowe said the Government could save an estimated $140 million per annum when the various ministries, departments and agencies come on board the Central Treasury Management System during the 2013-2014 financial year.
In its letter of intent submitted to the International Monetary Fund, the Government said the Central Treasury Management System, with a single treasury account at the Bank of Jamaica, has been tested and was fully operational for the ministries of Finance, Education, and Transport and Works, and the Accountant General's Department as of end March 2013, and that the remaining ministries, departments, and agencies will be operational by March 2014.