Friday, July 27, 2012

World Bank hails successful promotion of TSA

Nepal's experience on Treasury Single Account (TSA) may be useful to other countries in the South Asian region and other parts of the globe.
Nepal has achieved remarkable success in promoting and maintaining TSA in a short span of time, said mission head of World Bank Manoj Jain in the 10th Public Expenditure and Financial Accountability (PEFA) meeting today.
"It will be a role model for other countries," he said, adding that integration of information technology in the system will further enhance the account management system. Financial management is a key issue today and Nepal's progress is remarkable, he added.
The government has expanded TSA in 60 districts including Kathmandu from the current fiscal year. Last year, the programme was implemented in 38 districts. "Now, 95 per cent of the government's revenue and expenditure accounts are under the TSA system," said finance secretary Krishna Hari Baskota.
He assured donors — World Bank, European Union, DFID and others — who attended the meeting that the government will implement TSA for effective use of resources and transparency. Donors must support us in maintaining a standard of public expenditure and financial accountability, he added.
The five-year-long TSA project was started in 2011 to improve accounting system, and enhance auditing and reporting system. "Proper use of information technology and strategic implementation of the programme will improve the financial system of the country," said comptroller general Pratap Kumar Pathak.
In the meeting, PEFA coordinator Mahesh Dahal outlined the achievements and weaknesses of the programme and briefed on the future strategy. Similarly, World Bank experts presented study reports on Public Financial Management Capacity Development, and Accounting and Reporting System.

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