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Port Moresby
April 18, 2021
Business

PNGs First Public Financial Reform Open For Public Scrutiny

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by Delly Waigeno – EM TV News, Port Moresby

The first major reform of Papua New Guinea’s public financial management system is now open for public scrutiny.

The general public has been invited to make contributions in the consultation process during the review of the Public Finance Management Act of 1995.

Minister for Finance, James Marape, said the review is aimed at ensuring greater transparency and accountability, as well as resiliency to corruption and wastage.

A media conference was held today at Vulupindi House to announce that the consultation on the Public Finance Review was now open for one month of public scrutiny.

Present were development partners, the technical working group and senior members of the Finance Department including Secretary Dr. Ken Ngangan. Last year the government conducted a Public Financial Management Review that’showed issues with the system, and this called for the Public Financial Management System to be updated and modernised.

Work on the review was launched in September 2015. Some of the agendas of the reform include a realigning of the fiscal year, a clear distinction between the Finance and Treasury departmen’s, a distinction between public bodies and statutory bodies and a more inclusive definition of public money and property and ministerial powers. The main focus of the changes is, of course, transparency and accountability.

The European Union was the first development partner to respond to a request for technical assistance from the Department of Finance. The EU allocated approximately K3.7million to assist with this reform process.

EU Ambassador, Ioannis Giogkarakis-Argyropoulos, said the transparency and accountability that is expected to come as a result of the public finance reform will create a change of attitude towards value for money and efficiency.

The public can access a copy of the amendment on the department’s new website. Those who wish to know more about the Financial Framework Review or make commen’s can contact the team on the following telephone numbers: 328 3208, 328 8606 and 328 8124 or email ffr.QandA@finance.gov.pg.

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