Public Finances Management Act (PFMA)

Public Finances Management Act (PFMA)

The PFMA was passed unanimously by Parliament on 11 August.  We are expecting certification very soon and staff are working on updating the Financial Management Manual to reflect the improvements.  These amendments are a result of the extensive work which resulted in the PEFA Reform Road Map 2015-2018 released in September 2015. 

pfma
Media conference 5 April 2016, photo courtesy of European Union, PNG From left to right: Dr Ken Ngangan, Secretary, Department of Finance; Hon James Marape MP, Minister for Finance; His Excellency Ioannis Giogkarakis-Argyropoulos, Ambassador European Union; Mr Samuel Penias, Deputy Secretary Strategy, Department of Finance; Mr Stephen Nukuitu, Deputy Secretary Operation, Department of Finance

In April the Secretary was proud to introduce Minister Hon James Marape MP at a media conference to communicate progress.  The Minister underlined that amendments to the Act reinforce the Department of Finance’s role in ensuring and delivering sound public financial management and aim to bring systems in line with modernised 21st century business global practices.  One of the contributing donors, His Excellency Ioannis Giogkarakis-Argyropoulos, Ambassador European Union, was also present and noted that accountability and transparency are essential to development and growth.  He commended the Ministry and Department of Finance for the speed and participatory approach to the development of the amendments.