2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 28

The objective of this exercise is to enhance the
capacity of the Ministry to produce high quality information
for evidence-based policymaking, as well as improve the
ability to better allocate and track public funds.
In this
regard, the Ministry will also work to strengthen its
analytical capacity in the area of fiscal policy development
and implementation.
As well, the Ministry is moving to the adoption of
new budgeting and accounting software and standards and
the introduction of accrual accounting and the systems that
support it. Also in development is the implementation of a
new, modern Chart of Accounts that is fully compatible with
international standards.
As an initial step to avoid the
buildup of future arrears, the Government is enabling accrual
accounting with the planned introduction of International
Public Sector Accounting Standards (or IPSAS) for
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