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Public finance overhaul gets underway

Public financial management reform coordinator Cedric Collie, led an information gathering session with senior financial officers this week in preparation for the overhaul of national financial systems. 

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TheBahamasInvestor.com
Tuesday, January 23, 2018
Tuesday, January 23, 2018

Public financial management reform coordinator Cedric Collie, led an information gathering session with senior financial officers this week in preparation for the overhaul of national financial systems.

Officers were asked to provide input on what they believe are the critical changes needed for a successful reform effort.


Recommendations focused on the need for greater emphasis on strategic human resource planning to ensure proper training in not only operation skills, but also clear delineation of functional roles to prevent interference in financial processes by stakeholders across National Institutions.

Enforcement of existing as well as upcoming rules and regulations must also be a key priority to safeguard public funds from misuse.

There were also significant linkages to other components of the Public Financial Management and Performance Monitoring Reform Project which highlights the interconnectivity of the entire reform effort.

The gap between high level policy and agency level budgets must be improved as lack of communication triggers budget shortfalls and anxiety at the departmental level.

Component I: Performance monitoring is mandated to address these issues by creating centralized planning infrastructure that will support ministries in execution of national priority projects and projects.

Similarly, participants pointed out that the transition to the Central Purchasing Unit has not been seamless. Late deliveries and stock outs continue to pose a problem. However, greater inventory controls are expected under Component IV: Public Procurement with the acquisition of information and communications strategy and training in this area.

A National Integrated Financial Management Information Systems (IFMIS) Strategy is scheduled for development in the upcoming year. The IFMIS will digitally collect all the elements of the National Financial System, improving accuracy and efficiency in reporting financial data, boosting transparency and ultimately resulting in fiscal savings for the country.

Prime Minister Dr Hubert Minnis and a high-level delegation are currently in the US where Minnis was the guest speaker at the Austin Technology Council/Texas Association of Business forum, Austin, Texas, January 22, 2018.

Margaritaville Holdings has announced the brand is bringing its authentic lifestyle experience to The Bahamas' capital city with Margaritaville at The Pointe, a $250 million, six-acre development in Nassau.

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