THE BAHAMAS
PUBLIC FINANCIAL
MANAGEMENT SYSTEM
REFORM
BACKGROUND
• TECHNICAL ADVISORY GROUP (TAG)
• REVISION OF FAAA 1973 – 2010
• PUBLIC EXPENDITURE & FINANCIAL
ACCOUNTABILITY ASSESSMENT
(PEFA) – 17TH Nov – 3rd Dec 2010
PEFA ASSESSMENT REPORT
THE AREAS OF WEAKNESS
• BUDGET PROCESS
• TREASURY FINANCIAL MANAGEMENT
SYSTEM
• REVENUE ASSESSMENT &
COLLECTION
• WORK OF INTERNAL AUDIT &
AUDITOR GENERAL
PEFA ASSESSMENT REPORT
HOW TO ADDRESS WEAKNESS
• REORGANIZE BUDGET PROCESS
• INSTALLATION OF A NEW IT SYSTEM
• RE-SPECIFICATION OF REVENUE
PROCESSES
• IMPROVEMENT IN WORK OF I.A. & A.G.
PFM REFORM
• IDB TECHNICAL COOPERATION
GRANT
• CARTAC ASSISTANCE IN
DEVELOPMENT OF PFM ACTION PLAN
PFM REFORM
ACTION PLAN
• STEERING COMMITTEE
• WORKING GROUP 1 – FINAL ACCTS.
• WORKING GROUP 2 – CoA & REPORT
• WORKING GROUP 3 – BANK RECON.
CONCLUSION
THE CHALLENGE
MEETING THE SET REFORM DEADLINES
MEMBERS OF THE WORKING GROUPS
HAVE VERY DEMANDING DAILY
ASSIGNED TASKS
THE BAHAMAS
PREPARED BY: Donna Delancy
Deputy Treasurer
CARTAC CONFERENCE
ST. LUCIA
29th November 2011