Overview of the Ministry
Ethiopia has been working hard to get rid of poverty and achieve sustainable efforts so that it can match with the global world. However, international development opportunities are fluids that demand vigilance and constant improvement in the approaches of development efforts. And thus, the Ministry of Finance and Economic Cooperation that contributes to the development and public finance efforts of the nation is responsible making changes that can push the public finance and development efforts of the nation forward.
Moreover, the ministry by allocating budget introduces new and efficient systems of utilizing resources to both federal and regional governments. This is a system of providing various public finance and procurement services to different public zonal offices. The strategy helps reduce public resources wastage as expenses that could be incurred by various offices are avoided.
Nevertheless, adopting new work procedures is not enough by itself. It has become important to improve increasingly the existing financial, procurement and stock management of the country so as to cope up with the changing world. Furthermore, the inputs gained from the previous existing experience and the accommodation of new working procedures that can facilitate the duties of the ministry have made it necessary to make improvement in the finance, procurement and stock management system of the nation.
Accordingly, the ministry introduced a Financial Administration Proclamation and Procurement and property Administration Proclamation. The objective of the proclamations is to respond to national and international changes in the financial system. The introduction of the proclamations enables the country to close the gaps that might be observed in the finance, procurement and property management of the nation and to create internationally accepted financial working system.
Hence, the proclamation on the finance, procurement and property management system is very timely with respect to the national and international demand for the improvement of the financial system.