2019/20 Budget Communication Final Budget Communication | Page 13

administration. In using this method, we are ensuring that the Government implements the desired
reform in a way that is efficient, timely and accurate.
This Component has also resulted in two key consultancies in the Bahamas Investment
Authority (BIA), creating a revised investment framework for The Bahamas and a human resource
restructuring plan. Further, through this exercise the BIA is adopting a new approach as a proactive
investment agency to increase The Bahamas’ share of regional foreign investment. Under the
project, staff at the BIA have already been trained and equipped with enhanced skills enabling
them to function effectively within the new business framework.
In relation to Component II, the revised draft National Statistics Act is being finalized
and the legislative process will be commencing, shortly. The increasingly data driven paradigms
of the global community necessitate the review and redesign of the Statistics Act to accommodate
growing demands for information across all sectors of our society. It will ensure that reliable,
timely and relevant data are accessible to decision makers in both the government and the private
sector. Indeed, it is likely that policy consideration will be given to the establishment of a National
Statistics Agency into which the current Department of Statistics will be amalgamated. The
Agency will be given independence in the law, and the ability to generate revenue through the
generation of special reports and datasets of interest to various segments of society.
Component III addresses the upgrade and modernization of the data platforms that
facilitate accountancy and human resource management throughout Government. This element
has been conceptualized around what is termed the Integrated Financial Management of
Information Systems (IFMIS) program. Transitioning from the current antiquated financial and
HR protocols to modern, world class financial and HR systems is a mammoth undertaking.
Accordingly, the Ministry of Finance has engaged an advisory consultancy firm, which is currently
conducting a public sector wide review of all financial and human resource management systems.
The completion of this work will provide the baseline that underpins the reengineering of all
revenue and expenditure related business processes in the Public Financial Management sector,
including payroll and human resources.
As well, manual reporting will be replaced by instant, real-time computer generated
reporting on the state of revenue and expenditure in the country. The time required for periodic
reporting and budget exercises will be significantly reduced, while errors and inaccuracies will be
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