The committee which is parallel to that of IMF and World Bank backed Joint Financial Management consists of Finance Minister, Central Bank governor, top financial advisers, state minister for finance in the office of the prime minister, the auditor general and the attorney general.
“We would like to rearrange the management of finances, we would like to face it in a new way, and it’s very productive as we are seeking to get real accountability , this system of financial regulation is aimed at achieving the 2016 vision” said the deputy president.
DP Arte also pointed out the government has employed a world bank funded electronic system known as FMIS which captures the data about the income and records expenses to avoid corruption and misappropriation of funds “The FMIS system is now implemented in the finance ministry, the central bank, in the port and in the airport” said the deputy PM.
The government is also planning to implement the system in all ministries at the end of this year.
This meeting came as the cabinet is tightening its grip on the financial matters as it faces budgetary issues.