JIS News

Work to establish the Central Treasury Management System (CTMS) is advanced, with the appointment of a coordinator and the setting up of a working committee to get the system operational by December 2010.
This was disclosed by Minister of Finance and the Public Service, Hon. Audley Shaw as he opened the 2010/11 Budget Debate in the House of Representatives today (April 8).
The CTMS aims to ensure better management of public resources, by bringing the responsibility for treasury management under one agency, thereby eliminating the overlap, duplication and inefficiencies of the current system. It will establish a Treasury Single Account (TSA) to improve cash management.
In the meantime, Mr. Shaw informed that 16 public bodies have contributed approximately $5.0 billion to the Consolidated Fund.
The bodies were asked to make financial distributions/dividend payments to assist the Ministry of Finance and the Public Service in meeting targets under the economic programme for the 2009/10 financial year.
Mr. Shaw told the House that the request was made of public bodies whose profitability and cash flow indicated their ability to pay and that their medium to long-term capital programmes would not be jeopardised.
“Over the years, the Government has invested substantial sums in public entities and has had to absorb significant losses incurred by some. It is plain good sense that those that operate in surplus make a contribution toward Government’s fiscal needs. I would like to thank the board and management of those public entities, who so readily cooperated,” Mr. Shaw said.

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