Finance Ministry launches IFMS

THE Government now has the ability to strategically manage public financial resources with the introduction of the Integrated Financial Management System (IFMS), Minister of Finance Saara Kuugongelwa-Amadhila said on Friday.

Launching the IFMS, Kuugongelwa-Amadhila said over the years, financial management information systems used for both managing public financial resources and decision-making in Government had been inadequate. Amadhila said at the event that the old systems failed to deliver on two principal demands, namely timeliness and accuracy.”From a control point of view, the disintegrated funds control system did not have in-build mechanisms to control expenditure and, as a result, occurrences of overspending were often noted,” she explained.IFMS contains information which can be presented in a variety of different ways that will help government to make informed decisions.It includes the general ledger, purchase orders, accounts payable, accounts received, cash management, fixed assets, budget, payroll, daily subsidence allowance, debt management, medical aid, cheque processing, help desk, housing collateral and emergency payment system.This means, Amadhila said, no payments would be used for any activity when money for such an activity is not available.In addition, real-time data will enable offices, ministries and agencies to reconcile their accounts as well as for Ministry of Finance to close the books on time; and the Auditor General’s’ reports will be tabled more speedily so as to improve accountability to Parliament.The system will also enable Cabinet ministers to hold their Accounting Officers to book for current expenditure performance rather than historical records.The IFMS has security features that will make it difficult for staff members to manipulate the system.Meanwhile, her Deputy Tjekero Tweya told the gathering that it was a “long-awaited system”, adding that his ministry is no longer responsible and accountable for late payments by line ministries.”This is a useful tool.It is just a press of a button to have all the information available,” he said.He reiterated that the system will now allow transparency and government would no longer over spend.The Auditor-General, Junias Kandjeke commended the ministry adding that the old system had a negative impact on the efforts to bring about economic growth and poverty reduction.NampaAmadhila said at the event that the old systems failed to deliver on two principal demands, namely timeliness and accuracy.”From a control point of view, the disintegrated funds control system did not have in-build mechanisms to control expenditure and, as a result, occurrences of overspending were often noted,” she explained.IFMS contains information which can be presented in a variety of different ways that will help government to make informed decisions.It includes the general ledger, purchase orders, accounts payable, accounts received, cash management, fixed assets, budget, payroll, daily subsidence allowance, debt management, medical aid, cheque processing, help desk, housing collateral and emergency payment system.This means, Amadhila said, no payments would be used for any activity when money for such an activity is not available.In addition, real-time data will enable offices, ministries and agencies to reconcile their accounts as well as for Ministry of Finance to close the books on time; and the Auditor General’s’ reports will be tabled more speedily so as to improve accountability to Parliament.The system will also enable Cabinet ministers to hold their Accounting Officers to book for current expenditure performance rather than historical records.The IFMS has security features that will make it difficult for staff members to manipulate the system.Meanwhile, her Deputy Tjekero Tweya told the gathering that it was a “long-awaited system”, adding that his ministry is no longer responsible and accountable for late payments by line ministries.”This is a useful tool.It is just a press of a button to have all the information available,” he said.He reiterated that the system will now allow transparency and government would no longer over spend.The Auditor-General, Junias Kandjeke commended the ministry adding that the old system had a negative impact on the efforts to bring about economic growth and poverty reduction.Nampa