Starred Commitments

5. Single Treasure Account

Start Date: 9/1/2015  |  End Date: 15-Dec

Theme

Year Action Plan

Not Specified

Year IRM Progress Report Published

2016

Year IRM End of Term Published

2017

Lead Institution

  • Ministry of Finance and Economic Development

Support Institution

Action Plan Number

1

Comm No

5

Did completion change

It is evident that reducing wastages in the management of public resources is partially dependent on fiscal discipline and the leveraging of the extractive industry especially through the promotion of transparent practices in contract negotiation and management. The aim is to leverage on key actions that the Government has already identified as essential to improving fiscal and extractive industries transparency with a view towards better management of public resources such as the establishment of the Single Treasury Account which was highlighted in the 2014 Budget presentation by the Hon. Minister of Finance and Economic Development. Its establishment will streamline Government fiscal procedures and create more transparency and accountability in Government spending. Actions Required/Milestones for Completion:
a) Single Treasury Account established by undertaking a census of all Government Bank accounts and findings made public.
b) Procedures and mechanisms implemented by the Ministry of Finance and Economic Development in collaboration with relevant institutions will run a Single Treasury Account (STA) which will form the basis of a new Memorandum of Understanding with relevant Banks on the modus operandi of Government transactions based on STA Model.

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