Aug 16, Colombo: Sri Lanka's Treasury has signed a contract with South Korea's Samsung SDS for the implementation of an Integrated Treasury Management Information System, which will automate key departments of the Treasury/Ministry of Finance and Planning.
The system will cut across various functions of general treasury activities enabling speedier management in revenue administration and integrated treasury operations, the Treasury Department said in a release.
Secretary to the Treasury Dr. P B Jayasundera and Senior Vice President, of Samsung SDS Jae Han LEE Wednesday (August 14) signed the contract at the Ministry of Finance and Planning in Colombo.
The program implemented under the Fiscal Management Efficiency Project of the Ministry of Finance and Planning at a cost of US$ 19.7 million is facilitated by the Asian Development Bank.
According to the Ministry of Finance and Planning, following the International Competitive Bidding Process Samsung SDS, a leading ICT service provider and the Information Communication Technology arm of the Samsung group in Korea, was selected as the qualified vendor for the implementation of the system.
The system implementation is expected to start by March 2015, covering the Treasury Departments and key identified spending agencies of the Government. It is expected to cover other targeted spending agencies of Government, within a further 4 months.
The system will expedite the preparation of Budget estimates, to obtain Budget Estimates from the Accounting Units, Institutes and Projects, release imprest to the accounting units, process payment vouchers and release of payments to contractors and employees, obtain accounting summaries from accounting units of line ministries , consolidate and submit the summary accounts to the State Accounts Department, the Ministry said.
"The system implementation is part of overall fiscal and revenue reforms being implemented by the Ministry of Finance, in terms of which the work processes of the Treasury and the Inland Revenue Department will be automated," the Ministry added.