Arab Times

Kuwait among 1st countries to use GFMIS in govt bodies

System to link all government instructio­ns

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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.

 ?? KUNA photo (KUNA) ?? Deputy Prime Minister and Minister of Finance and Acting Oil Minister Anas Khalid
Al-Saleh.
KUNA photo (KUNA) Deputy Prime Minister and Minister of Finance and Acting Oil Minister Anas Khalid Al-Saleh.

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