The Ministry of Finance has announced a significant step forward in modernizing its financial operations with the upcoming launch of a new web-based Financial Management Information System.

The Ministry of Finance says this project, representing a $14 million investment allocated in the FY2023-2024 Budget, aims to replace the outdated 20-year-old FMIS and streamline financial processes for the government.

It says over the past 14 months, the Ministry has collaborated extensively with government agencies and stakeholders to ensure a smooth transition to the new system.

The Ministry says the new FMIS system has a built-in payroll module which will bring about better budget controls unlike the current standalone FMIS and Payroll system which is not integrated.

Financial processing and reporting will be enhanced with real time transaction updates and better audit trails that will greatly assist with both internal and external audits.

Work is also underway to integrate the new FMIS with the Budget and Debt Management system.