Finance Ministry Advances Treasury Single Account with Third Phase Completion

Oman, 13 November, 2024 :  The Ministry of Finance has successfully completed the third experimental phase of its Treasury Single Account (TSA) project at two additional ministries: the Ministry of Commerce, Industry, and Investment Promotion, and the Ministry of Housing and Urban Planning. This brings the total number of institutions implementing TSA to seven. The TSA aims to consolidate government bank accounts, enabling efficient cash management across government bodies.

During these initial phases, 61% of the projected current revenues in the 2024 State Budget were covered, and authorities inventoried 95% of government accounts at commercial and Islamic banks. Key outcomes of the TSA project include streamlined government bank accounts, improved cash flow forecasting, enhanced cash liquidity utilization, and automated banking operations.

The Ministry is preparing for the project’s fourth phase, continuing efforts to optimize government cash resources.

Source : www.omannews.gov.om