Podgorica, (MINA-BUSINESS) – The Ministry of Finance stated that strengthening the accounting and treasury operations is not a short-term task, but rather a long-term and continuous process that requires the gradual development of institutional capacities, as well as a carefully designed information system that will support the development of treasury functions.

Representatives of the State Treasury Directorate paid a study visit to the Ministry of Finance of Slovakia to exchange experiences in public sector accounting reform, liquidity management, and the development of information systems supporting accounting, financial reporting, and budget execution.

It was concluded During meetings with their Slovak counterparts that accounting reform and the modernization of treasury operations are extremely complex and demanding processes.

“The Slovak experience shows that the reform lasted eight years, while further improvements to the accounting and financial reporting system continued even after that period,” the Ministry said in a press release.

Moreover, the experience of Slovak colleagues clearly shows that the duration of the reform process reflects the complexity of the changes being implemented and the need for their careful and phased introduction.

The visit was organized within the Public and Private Finance for Development project, supported by the Ministry of Finance of Slovakia and UNDP.