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The Ministry of Finance has undertaken a review of procurement regulations to modernize and streamline processes across all ministries.

According to Deputy Prime Minister and Minister for Finance Professor Biman Prasad, the new procurement regulations, set to be fully implemented by March next year will introduce principles such as risk management and sustainability.

Professor Prasad highlighted this while making contribution to a motion to debate on the review of the special investigation report on procurement of goods and services in relation to 52nd Asian Development Bank Annual General Meeting in 2019 on possible material mismanagement in the Ministry of Civil Services.

He stressed on the critical importance of transparency in government projects.

“We are currently reviewing the financial instructions, sir, to complement the implementation of the new FEMIS system, thereby bolstering the integrity, the efficiency of our procurement and payment system. Sometimes it’s the efficiency of the system that puts officials, officers, the different ministries, there is urgency things need to be done, and things don’t go right.”

Professor Prasad says the recently approved Cabinet Procurement Regulations is a significant step forward.

“We have incorporated risk management and sustainability as new principles of government procurement. All ministries are undertaking procurement projects, or who are undertaking procurement projects, must ensure that these principles are followed.”

Trade minister Manoa Kamikamica says it is essential for ministries to be fully equipped and accountable for delivering on their responsibilities.