Kuwait among 1st countries to use GFMIS in govt bodies
System to link all government instructions
KUWAIT CITY, April 3, (KUNA): Kuwait is among the first world counties to use the Government Financial Management Information System (GFMIS), Deputy Prime Minister and Minister of Finance and Acting Oil Minister Anas Khalid Al-Saleh.
Minister Al-Saleh made the statement during an inspection tour on Sunday, the first day the GFMIS is applied in 47 government bodies.
It is a major step for promoting management of state finances, he said.
Al-Saleh added that the system enables consistent budget preparation and execution processes across all spending agencies during the fiscal year. It also provides real-time access to financial data to make informed decisions. This helps decision makers emend any financial resolutions.
The bodies using the GFMIS have been offered intensive training over the past four months.
There are up to 5,000 users of the system that will turn all the financial and accounting transactions into automotive systems, from procurement to registration in financial records.
The GFMIS computerizes the entire life-cycle of budget preparation, budget execution, and financial reporting.
It is an integrated system that will work across all spending agencies to ensure transparency and accountability in the allocation, use and monitoring of valuable public resources. The system will link all government institutions to support an informed decision-making process.
For his part, ministry Undersecretary Khalifa Hamada said that the application of GFMIS in ministries and other government bodies and departments, totaling 47, crowns the outcome of the reengineering financial operations project, one of the leading in the region.
It is among the leading projects on the region, he added, noting that the country’s financial systems were restructured to keep pace with the world’s standard practices, in a bid to fulfil the needs of all government bodies.
According to Hamada, Kuwait will adopt a new classification of the state budget, in line with the international criteria.
He said that the leading international Oracle company was selected for enterprise resource planning (ERP), that will function as the official systems for managing the government finances.