JIS News

Cabinet has instructed the Chief Parliamentary Counsel to develop new regulations under the Financial Administration and Audit (FAA) Act, to replace the existing Financial Management Regulations of 1996.
Minister with responsibility for Information, Telecommunications and Special Projects in the Office of the Prime Minister, Hon Daryl Vaz, made the announcement at Wednesday’s (December 9) post-Cabinet media briefing at Jamaica House.
He explained that the need for regulations comes against the background of changes and reforms which Government’s financial operations have experienced, since the existing framework was developed in February 1996.
“The revised regulations are developed to reflect amendments made to the Act since 1996, and also to incorporate changes in other policies relating to Government’s financial management,” he advised.
On another matter, Mr. Vaz advised that Cabinet approved the framework for piloting the Public Investment Prioritisation Framework (PIPF) Initiative for the financial years, 2010 and 2011.
This is to be undertaken within the Ministries of Health, Transport and Works, National Security and Education, with wider implementation in 2011 and 2012. A budget of US$134,000 has been earmarked for the launch and implementation support.
The Information Minister also disclosed that the Cabinet Office has collaborated with the Ministry of Finance and the Public Service and the Planning Institute of Jamaica (PIOJ) to undertake development of a framework for prioritizing Government’s investment projects.
“This is one of the initiatives under the medium term action plan for 2008 to 2012 and will form a part of the medium term expenditure framework which is being spearheaded by the Ministry. The key objective of the PIPF is to align Government’s investment projects to its strategic priorities as a means of assuring value for money,” the Minister said.
Mr. Vaz explained that the framework has three components: the design component, which will outline the recommended tools and processes integral to the implementation; the institutional arrangement for implementation and monitoring; and the implementation road map.
The submission of the framework to Cabinet was a condition precedent to the disbursement of financing, under the Inter-American Development Bank’s (IDB) Public Performance and Financial Management Programme Policy-based loan.

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