Ministry of Finance launches fiscal reform plan to boost efficiency, curb waste

In line with its strategic goals, the Ministry of Finance has reaffirmed its commitment to enhancing public finance policies that promote financial and economic stability.

Key priorities include finalizing the restructuring of the state’s financial system and implementing a program and performance-based budgeting system aimed at improving financial efficiency and controlling government expenditures during the 2025/2026 fiscal year, reports Al-Jarida daily.

The Ministry’s comprehensive reform agenda also includes modernizing legislative and regulatory frameworks governing public procurement, boosting the efficiency of procurement methods in government entities, and restructuring government warehousing systems to achieve optimal spending and reduce waste.

To realize these ambitious reforms, the Ministry emphasized the need for unified cooperation among government agencies, affiliated bodies, and independent institutions.

As part of this collaborative approach, the Ministry has launched a strategic training initiative targeting employees working in financial departments across government sectors. The initiative is designed to build national financial capacities, enhance job performance, safeguard public funds, and optimize both expenditures and revenues.

As part of this training strategy, the Ministry introduced several new programs, including:

• Preparing draft budgets for the first chapter of government entities.
• Updated accounting instructions tailored for public sector agencies.

These programs aim to achieve seven core objectives:

• Transfer of modern financial and accounting knowledge to improve public financial functions.
• Development of technical and professional skills within financial departments.
• Efficient application of electronic financial management using the Government Financial Management Information System (GFMIS).
• Implementation of updated financial circulars and instructions related to budgeting, accounting, procurement, warehousing, and asset systems.
• Promotion of auditing practices to curb financial violations.
• Reduction in public financial waste, forgery, and fraud.
• Enhanced cash and payment management through modern automated systems.

The Ministry’s overarching aim is to create a more disciplined, transparent, and performance-oriented financial ecosystem in government, ensuring sustainable and responsible fiscal management.