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


UN: “COVID-19 Is Not Over”, Tedros Warns World Health Assembly

The head of the World Health Organization (WHO) told global health Ministers on Sunday that although reported COVID-19 cases and deaths have declined significantly, it is not time to lower the guard... More>>

UN: Bachelet Calls On Mexico To Step Up Efforts As Tragic Milestone Reached Of More Than 100,000 Disappearances

UN High Commissioner for Human Rights Michelle Bachelet on Tuesday called on the Mexican authorities to step up efforts to ensure truth and justice for victims of disappearances, who now number more than 100,000, according to official data... More>>

ADC: Statement On The Assassination Of Shireen Abu Akleh

Early this morning in Jenin, Occupied Palestine, revered Palestinian voice Shireen Abu Akleh, a Palestinian American journalist for Al Jazeera, was assassinated by Israeli Occupation Forces snipers...

Access Now: Elon Musk’s Twitter Buyout Must Not Come At The Expense Of Human Rights

Following today’s announcement that Elon Musk will acquire complete ownership of Twitter in a cash sale of around 44 billion USD, pending shareholder approval, Access Now urges Twitter’s Board, employees, and shareholders... More>>

UN: Biodiversity And Ecosystem Protection Highlighted On Mother Earth Day

Marking International Mother Earth Day, UN General Assembly President Abdulla Shahid urged on Friday, for collective action to safeguard biodiversity and protect ecosystems... More>>

Ukraine: Hundreds More Reach Safety After Fleeing Besieged Mariupol
In Ukraine, humanitarians said on Wednesday that hundreds of people have managed to reach safety after fleeing Mariupol, where there’s also been condemnation for the killing of Lithuanian filmmaker Mantas Kvedaravicius... More>>