DUSHANBE, August 9, 2010, Asia-Plus — The Ministry of Finance (MoF) plans to set up an intermediate system for preparation and implementation of budget by 2012, the source at a MoF told Asia-Plus today.
Besides, the MoF intends to create a financial management information system by the fiscal year of 2015-2016, he added. According to him, the system should cover all principle procedures of financial management system.
“The MoF delegation last month visited Russia’s Ryazan region and got acquainted with creation and development of the treasure system of the Russian Federation,” the source said.
A financial management information system, or integrated financial management information system (IFMIS), is an information system that tracks financial events and summarizes financial information. In its basic form, an IFMIS is little more than an accounting system configured to operate according to the needs and specifications of the environment in which it is installed.
Generally, the term “IFMIS” refers to the use of information and communications technology in financial operations to support management and budget decisions, fiduciary responsibilities, and the preparation of financial reports and statements. In the government realm, IFMIS refers more specifically to the computerization of public financial management (PFM) processes, from budget preparation and execution to accounting and reporting, with the help of an integrated system for financial management of line ministries, spending agencies and other public sector operations.
