Categorized | Featured, National News

New System For The Ministry of Finance

DPM Turnquest

Deputy Prime Minister Peter Turnquest revealed  last Friday that  some changes on tap for the Ministry of Finance. 

He said one of them is the Public Financial Management Legislation; a proposed law that is  expected to replace and modernize the  Financial  Administration  Act along with several other proposed laws.

This will “more clearly define  the roles and responsibilities of finance officers, and introduce criminal penalties for financial misconduct. 

“It will set new standards for the frequency of reporting on budgetary and transparency matters and improve oversight provisions for government agencies including requirements for ministries and agencies to produce annual reports that outline key performance indicators,” he said. 

Minister Turnquest  listed  five guiding principles surrounding this new shift in the department. 

“One, together we will move from a system of aphorism to having defined plans and strategies. Two, together we will move from a model of confidential government to open and transparent government. 

“Three, together we will move from a system of ineffective controls to strong oversight. Four, together we will remove unnecessary restrictions and barriers to empowering our leaders. 

“Five, together we will abolish the culture of impunity and usher in an era of accountability in our management, and accountability in our results,” he said.   

The DPM  reminded participants in a Public Treasury Leadership Symposium  of the important role they play in the country.

“All of you gathered here today form the backbone of our system of public sector financial management.

“Without you, the country would literally grind to a halt, because you keep the financial resources flowing through the system enabling all aspects of government to function. 

“I know it is not always an easy task and to put it mildly, but it is an absolute vital function and to be the public servants who perform these roles is to be celebrated and commended, I recognize you and I thank you,” he said. 

Mr. Turnquest  called  on Treasury Officers to be creative in the work they do.

The  Leadership symposium was held  at the British Colonial Hilton last  Friday morning.

Written by Jones Bahamas

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