Samsung gets deal to automate Treasury operations for greater efficiency

Friday, 16 August 2013 03:44 - - {{hitsCtrl.values.hits}}

The Treasury signed a contract with M/s Samsung SDS of the Republic of Korea for the implementation of an Integrated Treasury Management Information System, which will automate key departments of the Treasury/Ministry of Finance and Planning and will cut across various functions of general Treasury activities enabling speedier management in revenue administration and integrated treasury operations. The contract was signed by Dr. P.B. Jayasundera, Secretary to the Treasury and Jae Han Lee, Senior Vice President of Samsung SDS Co. Ltd. at the Ministry of Finance and Planning in Colombo on Wednesday.

This endeavour is being carried out under the Fiscal Management Efficiency Project, being the reform arm of the Ministry of Finance and Planning, which is facilitated by the Asian Development Bank. Samsung SDS Co. Ltd. of Korea was selected as the qualified vendor for the implementation of the system, having followed the international competitive bidding process. Samsung SDS is the information communication technology arm of the Samsung group in Korea and is one of the world’s leading ICT service providers. This system implementation would cost US$ 19.7 million and is expected to go-live by March 2015, covering the Treasury departments and key identified spending agencies of the Government. It is expected to cover other targeted spending agencies of Government, within a further four months. The system will expedite the preparation of budget estimates, to obtain budget estimates from the accounting units, institutes and projects, release imprest to the accounting units, process payment vouchers and release of payments to contractors and employees, obtain accounting summaries from accounting units of line ministries, and consolidate and submit the summary accounts to the State Accounts Department, This system implementation is part of overall fiscal and revenue reforms being implemented by the Ministry of Finance, in terms of which the work processes of the Treasury and the Inland Revenue Department will be automated.