The Steering Committee for the Public Financial Management Strengthening Programme (PFMSP) under the Ministry of Finance yesterday met in Vientiane to review implementation of the PFMSP over the past year and discuss working plans for next fiscal year.

The meeting was presided over by Minister of Finance Dr Viengthong Siphandone.

Speaking at the meeting, Dr Viengthong, who is also President of the PFMSP Steering Committee, said the PFMSP is a priority area of the ministry and contains medium and long term plans aimed at improving policy and efficiency in public financial management.

The programme seeks to improve public financial management through strengthening organisational capacity and building the skills of officials involved in public sector financial management.

Dr Viengthong said the PFMSP has helped the ministry to develop tools related to budgeting, revenue collection and payment management in accordance with socio-economic expansion, as well as to develop service systems that are more modern, faster and transparent.

Examples include the customs sector implementing the Auto System for Customs Data project and the Tax Identification System (Lao TIS) to oversee taxpayers.

In addition, the Treasury Department is preparing to implement the Treasury Information Management System, Department Management and Financial Analysis System, and the Government Financial Information System, while the Purchase Monitoring and Management Office is hiring consultants to develop an instruction and training curriculum for officials involved in purchasing.

“However, some aspects of the plan haven’t been achieved and it is these areas the committee needs to pay attention to, particularly the lack of evaluation and the inaccurateness of many reference documents,” Dr Viengthong said. He advised the committee to concentrate on solving challenges and establishing plans for the 2011-12 fiscal year.