Finance Ministry Implements 3rd Experimental Phase of Treasury Single Account.

Muscat: The Ministry of Finance has announced the completion of the third experimental phase of the Unified Treasury Account or "Treasury Single Account" (TSA) project at two new ministries: (1) The Ministry of Commerce, Industry and Investment Promotion and (2) The Ministry of Housing and Urban Planning. This raises to 7 the number of institutions that implemented the first three experimental phases of the TSA (a unified structure of government bank accounts enabling consolidation and optimum utilization of government cash resources). According to Oman News Agency, revenues of government departments covered during the first three experimental phases of the project constituted about 61 percent of the total volume of current revenues estimated in State Budget 2024. The authorities concerned also inventoried 95 percent of government accounts at commercial banks and Islamic banks in State Budget 2024. The implementation of the TSA achieved a number of outcomes like regulating government bank accounts, augmenti ng the efficient utilization of cash liquidity in government bank accounts, improving cash forecasts (based on accurate and immediate data) and automating banking operations for government institutions. Steps are underway to implement the 4th stage of the TSA, the Ministry affirmed.