No. 1 of 1999
The aim of this act is to modernise the system of financial management in the public sector and will lay the basis for a more effective governance framework for the public sector.
The key objectives of the Act may be summarised as being to:
- modernise the system of financial management,
- enable public sector managers to manage, but at the same time be accountable,
- ensure the timely provision of quality information,
- eliminate waste and corruption in the use of public assets
Implementation in the first phase will focus on the basics of financial management, like the introduction of proper financial management systems, appropriation control and the accountability arrangements for the management of debts. Subsequent phases will focus on efficiency and effectiveness of programmes and best-practice financial management - these can only be systematically introduced after the basics of financial management are in place.