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Malaita Move To Improve Financial Management
Malaita Province Move To Improve Financial Management
Malaita Premier Richard Irosaea Na’amo on Friday signed financial documents dating back to 1986 which were released by financial specialists which will soon allow the province to become a party to new Provincial Governance Strengthening Program.
The program also known by the acronym "PGSP" is a joint donor initiative established following a request by the National Government in 2004 for an integrated approach to provincial government strengthening.
The program which is jointly financed by RAMSI, the European Union, the United Nations Capital Development Fund (UNCDF) and the United Nations Development Program (UNDP) is aimed at developing the capacity of Provincial governance systems through strengthening public administration to improve service delivery and local development.
The First phase of PGSP is the Provincial Financial Management Improvement Project (PFMIP) which Malaita Province has just completed.
The project involves auditing the backlog of Financial Statements with an aim in developing an accurate picture of the financial situation and also initial development of individual and institutional capacities in both the Ministry of Provincial Government and the Malaita Provincial Government Treasuries.
The project is also aimed at strengthening the link between these bodies and the Department of Finance and Treasury.
Malaita Province will be supported through the PGSP project to develop its capacity to undertake sound public expenditure management so that functions can be confidently assigned and proper financing can be provided to allow the province to comply with their mandates.
The Provincial Financial Management Improvement Project aims to assist all Provincial governments to catch up on their financial reports and assist Provincial Governments to put in place Proper Financial management and reporting arrangements.
The program will be executed by the Ministry of Provincial Government and Rural Development while UNCDF and UNDP will provide support for the implementation of the 5 year program.
ENDS
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