NEFC, Agencies Discuss Standardizing Accounts in IFMS

The National Economic and Fiscal Commission (NEFC) is actively engaged with the Departments of Prime Minister and NEC, Treasury, and Finance to standardize the Sub-National Chart of Accounts within the Integrated Financial Management System (IFMS). A recent meeting on June 12, 2026, focused on establishing a uniform accounting structure for provincial and local governments. This initiative aims to enhance budgeting accuracy, improve expenditure tracking, and streamline financial reporting processes. The standardization is a key component of improving public finance management systems across the country. The NEFC's efforts are crucial for greater fiscal transparency and accountability at sub-national levels.

Standardizing financial accounts is essential for improving transparency, accountability, and efficiency in public financial management at all government levels.