World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


Ministry Undertakes Reforms to Public Financial Management

Ministry Undertakes Reforms to Public Financial Management System

In the presentation of the new Public Financial Management Act to Parliament for its second reading yesterday, the Minister of Finance and Treasury, Honourable Rick Hou outlined the key public financial management reforms currently undertaken in the Ministry, which will enable the effective administration of the Act.

The Minister highlighted to the House that the Ministry of Finance has carefully considered the institutional and capacity implications in implementing the new legislation and with the support of key development partners, the Ministry is working on mapping out an implementation strategy for the next 12 to 18 months. The Minister stressed that the implementation will essentially be pursued through the learning-by-doing approach.

To that end, Honourable Rick Hou clarified, “the implementation of the Act will basically build on the existing public financial management reforms on an incremental basis, and this is currently spearheaded by the Ministry of Finance. These include the many facets of the PFM reform program which ranges from the systems and technology, business processes, rules and regulations, and most importantly the human resource capacity.”

Honourable Hou added, “most of these reform phases which are currently underway in the Ministry of Finance are at varying stages of progress. The pace and sequence of the phases to follow will be driven by the capacity and resources the Solomon Islands Government can muster, and the achievements of key phases as the Ministry progresses along the planned timeline.”

Furthermore, Honourable Hou stated, “The Act will be complemented by a raft of changes to the subsidiary instruments such as regulations, instructions, and manuals. In line with these changes, the Ministry was also reviewing their training capability so that the training programs and modules can be rolled out in the next 6 to 18 months to support the implementation of the new Act.”


© Scoop Media

World Headlines


APEC : Leaders Issue Kuala Lumpur Declaration

The leaders of the 21 APEC member economies issued the Kuala Lumpur Declaration following the first-ever virtual 27th APEC Economic Leaders’ Meeting chaired by Malaysian Prime Minister Muhyiddin Yassin. Convening for the first time since the ... More>>

UN: Refugee Resettlement Numbers Fall To Lowest In Two Decades

Refugee resettlement numbers will be at a “record low” this year, the UN refugee agency (UNHCR) said on Wednesday, with only 15,425 people resettled in the first nine months of 2020, compared to more than 50,000 in 2019. In 2016, resettlement ... More>>

G20: Global Co-Operation And Strong Policy Action Needed For A Sustainable Recovery

The COVID-19 crisis has exposed major weaknesses in our economies that can only be fixed through greater global co-operation and strong, targeted policy action, according to a new OECD report presented to the Leaders of the G20 countries at their ... More>>

OECD: GDP Rebounded By 9.0% In The Third Quarter Of 2020 But Remains Below Pre-Pandemic High

Following the unprecedented falls in real gross domestic product (GDP) in the first half of the year in the wake of COVID-19 containment measures, GDP in the OECD area rebounded by 9.0% in the third quarter of 2020 but it remains 4.3% below its pre-crisis ... More>>