Promotion

Beginning today, The Gleaner will each day be publishing elements from the Private Sector Organisation of Jamaica's Economic Policy Framework.

Complete Implementation of Central Treasury Management System

A Central Treasury Management System (CTMS) centralises the main accounting operations of the often disparate government agencies and statutory bodies into a more unified, readily monitored system. A CTMS has been implemented in Ireland and Latvia, among other countries. Under Jamaica's current system of 'agency autonomy', there is widespread process duplication and duplication of administrative and accounting personnel, processes and technology. In addition, many agencies operate with large cash surpluses while central government is forced to borrow at high interest rates; and in the absence of a well-integrated, closely monitored system, some agencies have fallen into abuse and corruption. A CTMS will reduce waste and inefficiency in government and lower costs to taxpayers.