Government accounts reconciliation to be done daily

Post was last updated: March 9, 2018

Reconciliation of government’s accounts will be done on daily basis as one way of protecting public resources from plunder by individuals and organisations.

This was said by President Peter Mutharika during the launch of the National security policy in Lilongwe.

The system also compliments the implementation of the Reserve Bank of Malawi (RBM) 2018 strategic plan which also aims at curbing plunder of public funds.

Mutharika said processing of all transactions will be in real time in all government departments everywhere.

“We are going to do away with cheque payments and move to Electronic Funds Transfer. Payments will be fast and secure. All financial systems will be interfaced. The IFMIS will be talking to Human Resource Management Information System and the Reserve Bank. There shall be no more ghost workers in this country,” he said.

During the launch of its strategic plan, RBM unveiled a High Value Alert Sytem (HVAS) for government transactions above K50 million.

The system is designed to notify, Finance Minister, controlling officers of government ministries and the central Treasury, of any government transaction through short message service (SMS) and emails.

RBM Governor, Dalitso Kabambe, said during the launch of the strategic plan that the move would counter theft of public resources where junior staff were able to complete transactions without the knowledge of controlling officers and other senior officials witnessed by the 2013 Cashgate.

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