Muscat – Oman’s government is planning to implement Treasury Single Account in as many as 57 government entities, according to the Ministry of Finance’s Fiscal Performance bulletin released on Monday.
The Ministry of Finance has commenced the implementation of the first pilot phase of Treasury Single Account (TSA) in the Ministry of Labour and the Tax Authority.
The ministry said TSA aims to improve cash and liquidity management through unifying the structures of the government bank accounts.
TSA is a unified structure of the government bank accounts, where all government account balances are accumulated to show the movement of net revenues and expenses.
‘This would lead to the optimal use of government cash resources,’ the Ministry of Finance added.
The objectives of TSA are: Consolidate the government cash balances and provide oversight on cash flows; ensure the government cash balances are optimally managed to reduce short-term borrowing costs; enhance treasury management and improve cash flow forecasting capabilities; and live monitoring of budgeted revenues and expenses to enhance cash flow transparency.