PEFA Secretariat initiates IFMIS

Kathmandu, June 6: Public Expenditure and Financial Accountability (PEFA) Secretariat has initiated process to develop integrated financial management information system (IFMIS).

“PEFA Secretariat is developing the FMIS by creating interface among the web-based statistics and information management systems developed by various ministries and departments,” coordinator of the PEFA Secretariat Nepal Kewal Prasad Bhandary said while speaking in an interaction organised jointly by the PEFA Secretariat and Society of Economic Journalists – Nepal (SEJON).

According to him, with the implementation of FMIS, there would be significant progress in public expenditure and revenue management.

He also shared that although there were some achievements in public financial management (PFM), reforms were needed in the areas of transparency of budget, accountable expenditure system, quality of expenditure and revenue management.

Member secretary of PEFA Secretariat Murari Niraula said that there were challenges in integrating the FMIS in federal system.

PEFA is implementing Revenue Management Information System in 25 districts, and it’s planning to expand it to additional 25 districts from July 16 this year.

Niraula said that the absence of banks and financial institutions in rural municipalities would hamper the financial management, budget transfer and timely update of public expenditure.

“We are planning to urge the government to allow the development banks and finance companies to include in the government fiscal transfer,” he said.

National consultant of PFM Rajendra Bajracharya stated that the initiatives of the PEFA Secretariat were bringing positive results.

Editor of Karobar daily Kuvera Chalise urged the reporters to continue with their watchdog role to promote transparency in PFM for the better implementation of budget and support development.