EU lauds Govt’s effort in improving public finance management

Jun 29, 2016 News

Finance Minister Winston Jordan delivers remarks in the presence of European Union (EU) Ambassador to Guyana, Mr. Jernej Videtič (second from right) along with other EU representatives, during the ceremony at the Marriott Hotel.

Before handing over $2.261B to the Government of Guyana to boost the country’s sea and river defences, on Monday last at the Marriott Hotel, the European Union (EU) Ambassador to Guyana, Mr. Jernej Videtič, lauded the David Granger-led Administration for its efforts in improving Public Finance Management, Transparency and Accountability.
The envoy also handed over the final copy of the Coastal Engineering Design Manual for the Guyana Sea and River Defences to Minister of Public Infrastructure, David Patterson.
The Ambassador during his brief remarks told the gathering comprising Government Ministers, members of the Diplomatic Corps and special invitees, that the Guyana Government has made significant strides in improving Public Finance Management (PFM), Transparency and Accountability.
“Other actions such as the transfers to the Consolidated Fund of monies in dormant accounts, the forensic audits and the announced operationalisation of so far unused modules of the Integrated Financial Management System, further contribute to improve Transparency and Accountability,” he added.
Minister of Finance Winston Jordan, during his remarks, stated that since coming into office, in May 2015, the Government has developed and embraced a PFM Action Plan and has publicised both the Action Plan and a Budget Transparency Action Plan (BTAP) on its information website.
Significant progress he said has been made since then, and by December 2015, the Government had already recorded a 72 percent achievement rate of all critical indicators outlined in this plan.
“The most notable improvements were the quarterly exchanges that have begun between the Office of the Auditor General and the Ministry of Finance which would see great improvements in the Government addressing a number of the concerns of the Auditor General in his annual reports, and the significant strides made at the Guyana Revenue Authority (GRA) to broaden the tax base and improve the efficiency and equity in tax collection.”
Outside of the PFM Action Plan and the Budget Transparency Action Plan, the Government has shown and continues to show commitment to ensuring transparency in the operations of the government sector, and has been transferring, since 2015, the funds earned from the Lottery to the Consolidated Fund, Jordan stated.
In addition, a number of dormant accounts as well as those which were operated in parallel with the Consolidated Fund (the Government’s chief bank account) have been closed and the monies transferred to the Consolidated Fund.
Further, over 50 forensic audits have been conducted, indicating widespread fraud, corruption and mismanagement of resources under the previous regime. These audits, the Minister said, are being studied with a view of pursuing administrative and/or legal options.
Under “tremendous” pressure last year, the Minister stated that the Government was able to present the budget well in advance of the deadline.
“A mere five months after that presentation, the 2016 Budget was presented in January, the earliest in recent history. It was welcomed with relief by all stakeholders, particularly the Line Ministries and the private sector, which were in a better position to plan and manage their affairs over a longer period, instead of the truncated budget year inherited from the previous administration. And, as disclosed by His Excellency President Granger, we intend to go one step further to restore budgeting to its rightful place in the management of public resources, when we will attempt to present the 2017 budget in December 2016,” Jordan said.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News