Cambodia will switch to an electronic budget management system.

[ASEAN NOW]

Cambodia is on the right track with its resolve to overhaul public financial management through a financial management information system (FMIS).

 

This encouraging development was discussed during a meeting of the Public Financial Management Reform Commission held by video conference on Monday and led by Aun Pornmoniroth, Minister of Economy and Finance.

 

During the conference, Pornmoniroth praised and commended all technical and financial experts for their efforts in achieving this goal, despite Cambodia's difficult situation because to the Covid-19 pandemic.

 

Pornmoniroth asked all officials to continue promoting and implementing all activities aimed at achieving the previously defined objectives.

 

FMIS was established to completely support the Ministry of Economy and Finance's public financial management reform initiative.

This program intends to strengthen good governance and transparency in national budget management, particularly in national budget expenditure, by raising management and accountability standards in the mobilization of all government current and capital resources.

 

The major goal of the FMIS project is to strengthen the country's financial data system. To ensure the success of the FMIS project, the Ministry of Economy and Finance established the Information Technology Department to oversee it as a critical initiative in Cambodia. It aspires to convert all financial procedures from a largely manual system to a far more reliable computer-based approach.

 

“By continuing to execute these new work procedures in ministries and institutions and extending the projects to 25 provincial administrations, the FMIS has been strengthened and expanded,” Pornmoniroth added.

 

The International Public Sector Accounting Standards Board (IPSASB) Cash Basis report has increased compliance under this approach. Meanwhile, procedures governing the management of state property and its titles have been steadily improving.

 

FMIS has officially opened 358 sites with a total of 1,662 users since 2020.