Integrated Financial Management Information Solution (IFMIS)

The IFMIS plays a pivotal role in managing public financial management and fiscal risk by providing timely and crucial information. To comprehensively address the activities of the general government, it utilizes GFSM 14 for budgetary classifications, along with a common chart of accounts for easy preparation of budget utilization reports, financial statements, and fiscal risk reports. The IFMIS comprises these integrated submodules:

• Accounts Payable module for processing vendor invoices and managing expenditures within budget limits.
• Revenue model for tax payment processing, revenue collection, and delinquent accounts reporting.
• Treasury Module for payments, receipts, financial assets management, and bank reconciliation, linked to the Single Treasury Account.
• Payroll system integrated with personnel management for authorization and accuracy.
• Debt Management system for detailed debt listing, guarantees, and debt sustainability analysis.
• Assets Management modules for financial and non-financial assets accounting.
• General ledger linked to automate financial statements and fiscal risk reports generation.

These modules incorporate robust internal controls and conform with International Public Sector Accounting Standards, which include accrual-based accounting. Upon full implementation, our Integrated FMIS will enable improved budget control, optimized cash management with a Single Treasury Account, timely financial statements for audit preparation within six months, and fiscal risk reports as per IMF guidelines. Essentially, the IFMIS is designed to provide crucial information to monitor and proactively manage fiscal risks effectively.