Financial system to be revived

Finance and Rural Development Minister Sir John Pundari says the Integrated Financial Management System (IFMS) will be revived to facilitate a move into electronic transactions.
Sir John said this would stop the problem of dishonoured cheques experienced by Government departments and State agencies.
“You can’t electronically transact funds that you don’t hold,” he said.
“The private sector relies on electronic transactions.
“It is time our public sector moves to a modern payment system suitable for a developing country like Papua New Guinea.”
The budget management ministerial committee, chaired by Treasurer Ian Ling-Stuckey and includes Sir John, National Planning Minister Rainbo Paita and his deputy minister Dr Kobby Bomareo, met last week with department heads, Bank of PNG governor Loi Bakani and Bank South Pacific chief executive officer Robin Fleming to resolve issues with government payments.
“We have heard the frustrations of our local businesses, MPs and government agencies with late and declined Government payments,” he said.
“This has to stop if we are to deliver services to our people.”