O’Neill: Financial management vital

TREASURY and Finance Minister Peter O’Neill has stressed the need for sound financial management within the Finance Department.
He said this was critical to the future development and growth of Papua New Guinea.
“Transparency and accountability in the management and expenditure of money, whether it be in private business or in the public sector, are issues of particular interest and continues to be challenge for the government and the bureaucracy today, especially for agencies like the Department of Finance which deals with public funds.”
O’Neill said one of the important steps the department had taken in establishing audit committees and internal audit units in departments, agencies and statutory bodies in assisting the respective management was commendable.
“I am committed to further improving audit capacities across all of government and have taken a decisive step in building and strengthening the audit division of the department with increased manpower and funding so that it supports and complements the work of the Office of Auditor General.”
O’Neill said this before launching the Department of Finance’s three-year corporate plan 2011-13 and the management work plan for next year.
He said the two documents highlight the mission, vision, values and strategies and outcomes of the department in facilitating for the priorities of government in public expenditure and financial management.
O’Neill said the objectives and strategies in the documents would continue to provide a clear sense of direction and purpose for the department.
He said these two documents were being hatched and would be implemented at the start of a new and exciting direction being set for PNG through several over-arching policy frameworks; the Vision 2050, the Medium Term Development Strategic Plan (2010-30), the Medium Term Development Plan (2010-15), the Medium Term Debt Strategy and the Medium Term Fiscal Strategy (2008-12).
O’Neill said the corporate plan would be implemented in a period where government was placing emphasis and funding on unlocking land for development, improving law and order, establishing quality transport corridors, increasing human expertise through more higher and technical education, universal access to education, providing key utilities of electricity, clean water and sanitation and communication and improving health outcomes.