The country’s total need for quality goods and services has always outweighed the revenue basket the government has each year.
Minister for Finance, James Marape, said this at the announcement of the revised Public Finance Management Act.
He said the value of quality goods and services stands on average at K50 billion a year.
The review of the Public Finance Management Act is an essential component of the Public Financial Management Reform, which was launched last year.
The reforms are expected to improve the efficiency and effectiveness of government action and public service delivery; it is also expected to reinforce transparency and accountability of public finances.
Minister Marape, said this was important, given the limited financial resources the government has to manage.
European Union Ambassador, Ioannis Giogkarakis-Argyropoulos, was pleased that the EU was the first development partner to assist the Department of Finance work on this reform through its provision of technical expertise and capacity building.
Dr Ken Ngangan, Secretary for Finance, urged everyone dealing with public finance to acquaint themselves with the new Act.
The amendments of the Public Finance Management Act 2016 are expected to be effective as of 1st January 2017.
