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MoFED launches new financial management system

A new Integrated Financial Management Information System (IFMIS) is being tested in six federal ministries and two regional states with a view of transforming the government financial system, the Integrated Budget and Expenditure System (IBEX).
Ministry of Finance and Economic Development (MoFED)with Oracle Corporation and Transnational Computer Technology (TCT) is currently implementing the system that uses a customized Oracle E-Business Suite (EBS).
The new system is said to create financial transparency and accountability as well as efficiency. A financial management system is the methodology and its supporting software package that an organization uses to oversee and govern its income, expenses, and assets with the objectives of maximizing profits and ensuring sustainability.The software is also believed to increase efficiency and reduce back-office costs with standardized processes for shared services, productivity tools, and integrated performance management. It will also allow the government to manage its finance from a single, integrated system and comply with multiple legislations, accounting standards, and policies.
According to the information obtained from MoFED, the Ministry of Education, the Ministry of Health, Ethiopian Revenue and Customs Authority, and Ethiopian Roads Authority are among the federal government entities that are included in the pilot tests.  Some Woredas in the Southern Nations, Nationalities and People’s Regional State are also part of the pilot project.
The system that was started to be developed in 2010 is expected to be implemented across the country in the next five years.

Tags: Ethiopian Roads Authority (ERA),, Ethiopian Revenue and Customs Authority (ERCA),, Ethiopian Ministry of Finance and Economic Development (MoFED),, Integrated Financial Management Information System (IFMIS),, Integrated Budget and Expenditure System (IBEX),, Transnational Computer Technology (TCT),, Oracle E-Business Suite (EBS),, Ethiopian Ministry of Health (MoH),

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