Public Money Management Regularization (PMMR) is a financial control system introduced by the government as part of the financial reforms process arising out of the Public Expenditure & Financial Accountability (PEFA) assessment in 2015, to ensure an effective and efficient regulation of Non-Tax Revenue derived from fees and charges imposed by state agencies and the timely remittance of these revenues into the governments Consolidated Revenue Fund to assist finance the governments National Budget.
These improvements also ensured good governance, transparency and accountability in the management of public revenue. Any revenue generated by a Public or Statutory Body in carrying out its functions rightfully belongs to the Independent State of Papua New Guinea. These functions include all forms of provision of goods or services, including fees imposed for regulatory purposes Read More
In 2016 a massive transformation and overhaul of the Public Finances (Management) Act was completed. After wide consultation and awareness building, a Public Finances (Management) Bill and an NEC submission were prepared and submitted to the National Executive Council (NEC) for their endorsement. NEC endorsed the submission of the Bill to be presented in Parliament; and it was tabled in Parliament which was passed in August 2016 as an Act. Read More
In 2017 a National Procurement Policy (NPP) was drafted and submitted to the National Executive Council (NEC) for deliberation. The NEC endorsed the Policy and this paved the way for a drafting of a new a National Procurement Bill 2018 which was passed in Parliament in November 2018. Read More