The fresh development has brought 95 percent of the country´s total revenue and public expenditures in the TSA system, enabling the Ministry of Finance (MoF) to assess their status on real time. [break]
This has bolstered transparency and accountability in public expenditures, said Mahesh Dahal, coordinator of the Strengthening Public Financial Management Project (SPFMP) and Public Expenditure and Financial Accountability (PEFA) Secretariat.
The government has been implementing the SPFMP through the multi-donor trust fund in a bid to ensure transparency and accountability in spending of revenue and foreign aid.
Under the project, which will run till 2015, the government eyes to implement TSA in all 75 districts, reform accounting standard and financial reporting system, apart from building capacity for the public financial management.
Once completed, the project will bring about complete reforms in the way the government manages its fund and expenditures, said Dahal, making his presentation on the status of the project at the 10th meeting of Committee of Directors of PEFA.
On the occasion, chief of the World Bank mission Manoj Jain lauded the institutional development done by Nepal on TSA system. “The achievement has come within a short span. Nepal´s TSA system is exemplary; other countries can learn from Nepal and replicate the system as well,” he stated.
The meeting was attended by representatives of the WB, European Union and Department for International Development (DFID) of the UK, among others, apart from the members of PEFA Directors´ Committee.
Addressing the meeting, Finance Secretary Krishna Hari Baskota reiterated the government´s commitment to enhance transparency and accountability in public expenditure. While assuring the development partners on transparent and effective utilization of foreign aid, he also requested them to provide additional assistances in the field of public financial management reforms.
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