On Tuesday, Finance Minister Taif Sami announced that the unified treasury account project will help combat corruption, prevent waste of public funds, and introduce measures to control financial accounts.
The Ministry of Finance chaired a meeting with the Treasury Unified Account Committee. Directors of government banks, representatives of the Central Bank and the Office of Financial Supervision attended to review the progress made in completing the unified treasury account and the positive indicators that followed in the financial and banking system.
The Minister of Finance emphasized the need for sub-committees to double work efforts. The spending units within ministries and institutions should allocate funds for the sub-committees without exceeding the account ceilings to reduce out-of-control spending. In addition, fixed and mobile accounts require doubling oversight and audit efforts.
She explained that completing the project is part of the government’s financial and banking reforms. The unified treasury account will help fight corruption and limit the capacity of the corrupt, and prevent the misuse of public funds.
She mentioned the ministry’s efforts to regulate financial accounts by implementing measures to ensure accuracy, updating financing accounts, and controlling their movement across various sectors and entities.