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…says it will be implemented in a ‘phased’ manner Finance Minister, Winston Jordan, revealed yesterday, that Government has signed up for the upgraded version of the Integrated Financial Management and Accountability System (IFMAS) from Free Balance, a Canadian company.He made this announcement during a press conference which was held at the Ministry of Finance Boardroom. Jordan told the media that the upgrade is being had at a 65 percent discount rate from the Canadian firm.The Finance Minister said that Free Balance has also sponsored a trip for two officials from the Ministry of Finance to attend a training programme in Nicaragua on the operations of the upgraded version.“As we indicated before, the upgrade version of the IFMAS will assist us in performing much better than the older one did which we had significant problems with. We were told that this one is better and I have seen it operate in Jamaica and I can say that it has great potential,” said the Member of Parliament.He said however that there will be some kinks in the implementation process of the upgraded version.Jordan said,Cheap Jerseys Free Shipping, “All the modules will be implemented but in a phased manner and as you know it would take some time to transition from the old to the new system. Also, we have to allow some time for a period of training. So there will be some kinks and delays.”The Finance Minister noted that it may not be possible for the entire process to be completed until the end of the year.IFMAS is intended to ensure accountability and transparency regarding how taxpayers’ money is budgeted and spent by the government.A specially tailored system was first developed for Guyana by the Canadian company and was secured at a cost of $132M.  It came with seven components: Appropriation, Expenditure, General Ledger,Cheap NFL Jerseys China, Budget Preparation and Reporting System (BPRS), Purchasing, Revenue and Asset and Inventory Modules.But after ten years, the Purchasing and Asset and Inventory Modules were not implemented.In 2014,China NFL Jerseys, this newspaper carried a series of articles showing how liability for assets and monies could be improved if all the modules belonging to the IFMAS system were operable.The Finance Minister recalled that in 2004, the past administration began the phased implementation of the system. This change saw a move from a completely manual system to an automated accounting system.During his 2015 Budget speech, Jordan had revealed that after more than ten years and the expenditure of vast sums of money,Wholesale China Jerseys, the four installed IFMAS modules were “operating sub-optimally” or not to the highest standard.He recalled that the country’s Auditor General, Deodat Sharma,Cheap Jerseys China, had complained bitterly that the Finance Ministry’s system for recording gifts and assets is very poor.Sharma, in an interview with Kaieteur News, had even stated that had the two unused IFMAS modules been operationalized, it would make for an easier and more efficient audit of government books. With this position, the guardian of the national purse has continuously called for the two modules to be activated.Doug Hadden,Cheap Jerseys, Vice President of Sales of the Canadian Company which develops the IFMAS, had said that he is unaware of any case where a government bought the system and did not use all of the modules. He said that while Governments are treated with a sense of privacy, he would advise that all the modules be used.