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Comprehensive Public Financial Management System Developed in Belize

BELIZE CITY, BELIZE - In a significant milestone for public financial management in Belize, the country has developed a comprehensive system to monitor and improve its procurement processes, accounting, cash management, and asset management.

Improvements Made

The Public Investment Management Assessment (PIMA) report, published by the Ministry of Finance, highlights several key areas where improvements have been made. These include:

• Developing a procurement monitoring system for all public entities at the centralized level
• Establishing an e-procurement system to streamline the process
• Preparing standard bidding documents and framework agreements
• Working on preparing procurement plans for all ministries and public entities
• Developing methodologies and guidelines for ex-post evaluation and audit, and establishing an internal audit unit
• Issuing a government asset management policy (GAMP) and using the asset management module of SmartStream across ministries and public entities

Areas for Improvement

The PIMA report also notes that several areas require improvement, including:

• Harmonization and improvement of Public Financial Management (PFM) legislation
• Capacity building and training for government officials

Expected Outcomes

The development of this comprehensive public financial management system is expected to improve transparency, accountability, and efficiency in the use of public funds. It will also help ensure that the country’s assets are properly managed and maintained.

Key Reforms Needed

The PIMA report identifies several key areas where reforms are needed, including:

• Fiscal targets and rules
  • Formalize fiscal policy in legislation
  • Improve credibility of fiscal forecasts
• National and sectoral planning
  • Develop guidelines for preparation of development strategies
  • Conduct regular follow-up on performance of sector strategies
• Coordination between entities
  • Establish formalized process for coordination of SNG investment plans with central government
  • Determine transfers by formula
• Project appraisal
  • Develop guidelines for project appraisal methodology, including assessment of risks

Conclusion

The development of Belize’s public financial management system is a significant milestone for the country. The PIMA report highlights several areas where improvements have been made, as well as several key areas where reforms are needed. With continued efforts to improve transparency, accountability, and efficiency in the use of public funds, Belize is expected to make significant progress in achieving its development goals.