The Ministry of Finance Commissions PriceWaterhouseCoopers for Technical Support in Financial Management and Reporting in Hargeisa, 26 April 2017.
The Minister of Finance today presided over a public contract signing between the Ministry of Finance and PriceWaterhouseCoopers (PWC) to launch the Consultancy for Treasury Management, Budget Execution, Procurement, Accounting and Financial Reporting.
The event was attended by the MoF Director General and other departmental heads from the Ministry along with representatives of the PFM Reform Unit and the PWC representative and signatory, Mr Simon Mutinda.
The objective of the 12-month contract is to support the third Pillar of the PFM Reform Program, Financial Management and Reporting. The main expected outcomes are:
- A modern, restructured and co-ordinated accounting system with standardized codes of conduct for improved transparency, oversight and public disclosure
- The establishment of effective Revenue and Expenditure management processes and practices that are promote Somaliland’s national goals and development objectives and are in line with international best practice standards.
This event marks the latest activity in a line of reform measures being taken in the Somaliland Ministry of Finance Public Financial Management (PFM) Reform Program. The PFM Program comprises of five reform initiatives or Pillars, namely: Economic and Budget Management; Resource Mobilization Reforms; Financial Management and Reporting; Public Procurement, and Oversight and Evaluation.
The Minister emphasized that the signing of this contract is a significant step in the implementation of the PFM reform strategy as “further development of the PFM reform program relies on increased capacity of our human and infrastructural resources towards meeting the highest possible standards.”
Through the Ministry of Finance PFM Program, the Government of Somaliland aims to achieve the highest possible Efficiency, Transparency and Accountability in the allocation, management and use of public finances to meet the Somaliland Government’s Development and Economic growth priorities.