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Rs. 2.4 b project to automate Treasury
A project costing more than Rs 2.4 billion to automate the Treasury will help crack down on tax evaders and help the Government’s budget financing through improved planning and control. South Korea’s Samsung Corporation has won the award for the project while its foreign component, US$ 17,755,092 (more than Rs. 2.3 billion) will be funded by the Asian Development Bank (ADB). The Government will absorb the local cost of Rs. 30 million.
Among the other contenders were ZTE of China, IBM World Trade Corporation of the United States (through its office in Colombo), Posco ICT Company of South Korea and Sistemas SA of Spain. The Integrated Treasury Management Information System (ITMIS) will be established at two data centres already set up at the Department of Inland Revenue offices at Jawatte Road and Kurunegala.
Once operational in 22 months, the ITMIS will provide the Ministry of Finance and Planning a modern system to access information on financial and operational performance, to improve the timeliness, accuracy and integrity of reporting on the fiscal performance of the Government.
It will also enable an integrated system with seamless data transfer, prevent duplication of efforts, one-time data entry and improve data quality, President Mahinda Rajapaksa told his ministers.
Besides the ADB commitment, the Sri Lanka Government will also spend US$ 9,748,535 plus Sri Lanka rupees 19,150,560 for warranty and post-warranty services for six years after the installation of the new system.
The award to the South Korean company came after a Cabinet Appointed Procurement Committee headed by Prime Minister’s Secretary Sirisena Amerasekera evaluated the project. It was later studied by a Technical Evaluation Committee headed by the Treasury’s former Deputy Secretary D. Widanagamaachchi.
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