The absence of a proper financial management system on a Line Ministry level, including the management of the assets and liabilities of the Republic, has led the Management of the Treasury of the Republic of Cyprus to the design of a structure that entails the provision of a comprehensive range of accounting and financial services (finance functions) by adhering to the best practices adopted by the public sectors of other countries and/or those adopted by the private sector.
As a result of the review and assessment of the responsibilities, activities and procedures of the Treasury of the Republic of Cyprus, the efficiency and effectiveness of the accounting and financial management services rendered to the Line Ministries are strengthened. The complete transition and proper operation of the upgraded services that are provided to the Line Ministries has commenced in 2018.
The effective operation of the Financial Management Directorates in the Line Ministries will be supported by their Heads (having an equivalent role to that of a Chief Financial Officer (CFO)) who will be responsible for providing comprehensive accounting and financial services to the directors. The Directorates will also be supported by the Treasury Headquarters, thus strengthening, in the medium-run, the quality of the financial management in the Line Ministries.