Ministry of Finance in Full Swing in Implementing Public Financial Management Reform

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October 11, 2019

Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said in the Ministry of Finance, the heart of Public Financial Management Reform is the development and adoption of robust information systems.

“We are in the full swing of implementing the project plan for this multi-faceted reform initiative,” DPM Turnquest explained at a forum held by the Ministry of Finance in conjunction with the Inter-American Development Bank at Baha Mar, October 10, 2019. The forum was held under the theme, ‘The Power of Data for Transforming National Development.’

“One of the ultimate outcomes is the eventual establishment of an Integrated Financial Management Information System (IFMIS) that standardizes and centralizes the financial management operations for all ministries, departments, agencies and state-owned enterprises.”

He noted that if individuals could project themselves into the future, and envision how IFMIS will digitally collect real-time data for planning, analysis and reporting across government, we can foresee the improvements in accuracy and efficiency in reporting financial data, boosting transparency and ultimately resulting in fiscal savings for the government.

DPM Turnquest said combined with the phased roll-out of the new online Customs clearance platform, Click2Clear, one can see that the future for data in this country is looking completely transformed.

He stated that Click2Clear is completely modernizing the way Customs operates. “The online system is designed to deliver faster, more efficient and comprehensive Customs processing once fully implemented.”

The DPM explained that this means end-to-end online Customs processing and tracking, automated entry checking, tighter controls and risk management to reduce corruption and fraud, more accountability to protect government revenue, more statistical information and data derived from artificial intelligence that can be used for effective policy making.

“From a fiscal point of view, I cannot overstate the potential loss of opportunity for even more robust economic growth when we do not have sufficient real-time data and data analytics on what is happening in our economy. With it, we can see things from enhanced perspectives. We can be more innovative and proactive when it comes to crafting fiscal and economic policy.”

He said, “While all of this work is in the implementation phase, it is admittedly difficult to see the full benefits. But I am confident that the government is putting in place a powerful foundation that will benefit us for years to come.”

 

Ministry of Finance in Full Swing in Implementing Public Financial Management ReformMinistry of Finance in Full Swing in Implementing Public Financial Management ReformMinistry of Finance in Full Swing in Implementing Public Financial Management Reform

Ministry of Finance and Inter-American Development Bank seminar on ‘The Power of Data for Transforming National Development,’ with keynote address given by Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest (pictured at podium), October 10, 2019 at Baha Mar

News date : 10/11/2019    Category : About Bahamians, Business, Press Releases

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