TWENTY-TWO public sector employees are to benefit from a series of courses, aimed at increasing the understanding of Public Financial Management (PFM) challenges, and creating tools and approaches to help the administration adopt improved PFM practices.

The objective of the training is to build the PFM knowledge, skills and performance of mid-level staff of government who are responsible for financial reporting; budget and accounting functions; managing the Chart of Accounts (COA); and implementing the International Public Sector Accounting Standards.

The pilot for the PFM Latin America and the Caribbean (LAC) Project started at the Management Institute for National Development (MIND) on Tuesday. The focus of the project in Jamaica is to support the Ministry of Finance and Planning, in developing and delivering Public Financial Management (PFM) training.

The session focused on the Unified Chart of Accounts, which detailed the concepts, objectives, and resources needed to demonstrate an understanding of the purpose of a Chart of Accounts and its use in budget formulation and execution.

At the end of the session, participants should be able to explain the objectives and importance of unifying Chart of Accounts for use in management and control of public finances; use financial management information systems to explain operations and maintenance of the unified Chart of Accounts; and describe the composition of the unified Chart of Accounts and its organisational elements.

In her address at the opening session, Director General in the Ministry of Finance and Planning Dianne McIntosh emphasised the importance of public financial management in the ministry, particularly in relation to the country’s four-year agreement with the International Monetary Fund (IMF).

She noted that the courses are a part of the strategic reorganisation of the ministry towards a much more advanced public financial management system.

Chief Executive Officer of MIND Ruby Brown, meanwhile, welcomed the programme, stating that it was critical for the public sector to transform, modernise and grow. She urged the participants to be candid in their feedback on the course, and to share the knowledge which they acquire.

The first cohort of the Instructor Development Programme will be graduating tomorrow.

Three additional PFM courses are being developed for the Ministry, in order to complete the programme in September.

The PFM-LAC is a United States Agency for International Development (USAID)-funded project, which commenced on January 24, 2014, with the implementation of a Training Needs Assessment, which was administered using various data collection measures.

These included an electronic PFM Competency Survey disseminated to targeted Ministry of Finance departments and divisions, such as the Accountant General’s Department, Economic Management Division, Public Enterprises Division, Public Expenditure Division, and Public Expenditure and Policy Coordination Division.