Muscat: The Ministry of Finance has recently announced the successful conclusion of the third experimental phase of the Unified Treasury Account (TSA) project, which is part of the Treasury Single Account (TSA) initiative. This phase was implemented at two newly established ministries: the Ministry of Commerce, Industry, and Investment Promotion, and the Ministry of Housing and Urban Planning.
This development brings the total number of institutions that have participated in the initial three experimental phases of the TSA project to seven. The TSA is a unified structure designed to consolidate and optimize the utilization of government funds through the management of government bank accounts.
During the first three experimental phases, the project contributed to approximately 61 percent of the total current revenue estimates outlined in the State Budget 2024. Furthermore, the project facilitated the inventory of 95 percent of government accounts at both commercial and Islamic banks as part of the State Budget 2024.
The implementation of the TSA has led to several significant achievements, including the regulation of government bank accounts, the enhancement of the efficient management of government funds, the improvement of cash forecasting through the use of accurate and timely data, and the automation of banking operations for government entities.
The Ministry has also stated that preparations are underway for the implementation of the fourth stage of the TSA.
