An assessment by the International Monetary Fund (IMF) has found Fiji’s public financial management system is on track to be strong in terms of control of the execution of the budget.
However, the report titled ‘Public Expenditure and Financial Accountability Assessment’ stated there were notable weaknesses in the timeliness of the annual financial statements “that impinges on realising the benefits of the good external scrutiny that Fiji possesses”.
“The budget process is evolving and some features of a multi-year approach are in place and reflected in the budget calendar but is hindered by the absence of a functional or program classification system and the absence of key performance indicators,” the report stated.
“Unrealistic revenue forecasts contribute to the prepared budget being unrealisable.”
The report states cash planning is relatively effective.
Read more details in tomorrow’s edition of The Fiji Times.
