30.7 C
Port Moresby
October 25, 2021
Featured Finance News

EU Supports Reform of PNG Procurement Legislation

The Parliament of Papua New Guinea has adopted the National Procurement Act that amends the Public Finances (Management) Act. These Acts are the most important reforms in the management of public procurement over the last 20 years.

The PNG public financial management framework, including the new procurement reform, has been the subject of extensive consultation, including with Development Partners, and is specifically designed to meet the needs of the entire country.

Since 2016, the European Union has been actively supporting the Finance Department through the provision of technical assistance in respect of public finance management reform. The European Union support has substantially contributed to achieving the reform of the Public Finances Management Act in 2016, the Public Money Management Regularization Act and the rollout to provinces of the Integrated Financial Management System in 2017 and now in 2018, the National Procurement Act and its consequential amendments to the Public Finances (Management) Act.

The European Union attaches major importance to the implementation of the Government of PNG reform agenda in matters of public finance management and will, therefore, provide further support for the implementation of this new procurement reform.

Related posts

Asbestos, A Heath Threat to the Pacific Region

Marie Kauna

Loloata Island Resort gets a makeover

Business Advantage PNG

Helen Clark: New SDGs Broader and More Ambitious

EMTV Online
error: Content is protected !!