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{
    "id": 420959,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/420959/?format=api",
    "text_counter": 359,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "If these reforms, which came with the new Constitution are used then we will get timely reports to Parliament. The enactment of the PFM Act, 2012 comprehensively covered all aspects of PFM. There was a very key reform that was introduced by the Constitution to the PFM Act of 2012 termed the establishment of the Public Sector Accounting Board (PSAB). This Board was to set standards for efficient financial reporting by all public institutions. This is a hallmark. In any public financial institution, systems of reporting must be within this established institution called the PSAB. There is a serious reform that was also introduced in the transfer of funds in the Government and public sector. There was the implementation of electronic funds transfer (EFT), which is known as GPAY. This was to create an efficient way of payment within the Government. The days when an officer could hide a cheque for over a month was to be eliminated. So, there was to be timely disbursements and elimination of the use of cheques. This was reform that was geared towards reducing loss of public funds. The whole concept of the reform agenda within the PFM Act was how to reduce wastage and loss of public funds."
}