Word coming out of the Ministry of Finance is that the Central Treasury Management System (CTMS) is still on track for implementation early next year.
The system is aimed at ensuring better management of public resources by bringing the responsibility for treasury management under one agency.
Jerome Edwards, the Head of the Financial Systems Unit at the finance ministry, says the CTMS will replace the current decentralised system of cash management.
Currently ministries and departments receive monies from the Accountant General on a monthly basis.
Under the new system, ministries and departments will not get that cash but, instead, the funds will be transferred to a Single Treasury Account held at the Bank of Jamaica and operated by the Accountant General.
Mr. Edwards says the process will be operated through automation or electronic means.
The Accountant General's Department will have an electronic interface with ministries and departments, allowing them to submit their requests for payments electronically.
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