Govt payments to private firms assured within 5 working days
Published: 10:05 PM,May 01,2021 | EDITED : 09:05 PM,May 01,2021
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BUSINESS REPORTER
MUSCAT, MAY 1
Oman’s Ministry of Finance says it has been able to disburse payments to private sector vendors, contractors and other service providers within five working days on average upon receipt of the payment voucher via its newly installed e-payment system.
Since it came online, payments totalling RO 411.6 million were disbursed through the e-payment system as of April 29, 2021, the ministry said.
“All companies and enterprises can update their data in the Beneficiary Code System via MoF website, and can track their payments through the system,” the ministry stated in its latest newsletter.
A simplified documentary cycle published by the ministry charts 13 steps starting from the competitive tendering process through the tender review and approval phases, and finally to the invoice submission, audit and payment voucher issuance stages.
Goods and services procured by government entities and subject to this documentary cycle are assured payment within the five working days on average, it indicated.
According to the documentary cycle, government tenders valued at over RO 3 million can only be procured via the Tender Board.
However, the Internal Tender Committees of ministries and government departments can procure contracts valued at over RO 10,000 and below RO 3 million.
In any event, contracts valued at over RO 100,000 must be approved by the Ministry of Finance, while those below this threshold may be endorsed by the authorised signatories in the respective government bodies.
MUSCAT, MAY 1
Oman’s Ministry of Finance says it has been able to disburse payments to private sector vendors, contractors and other service providers within five working days on average upon receipt of the payment voucher via its newly installed e-payment system.
Since it came online, payments totalling RO 411.6 million were disbursed through the e-payment system as of April 29, 2021, the ministry said.
“All companies and enterprises can update their data in the Beneficiary Code System via MoF website, and can track their payments through the system,” the ministry stated in its latest newsletter.
A simplified documentary cycle published by the ministry charts 13 steps starting from the competitive tendering process through the tender review and approval phases, and finally to the invoice submission, audit and payment voucher issuance stages.
Goods and services procured by government entities and subject to this documentary cycle are assured payment within the five working days on average, it indicated.
According to the documentary cycle, government tenders valued at over RO 3 million can only be procured via the Tender Board.
However, the Internal Tender Committees of ministries and government departments can procure contracts valued at over RO 10,000 and below RO 3 million.
In any event, contracts valued at over RO 100,000 must be approved by the Ministry of Finance, while those below this threshold may be endorsed by the authorised signatories in the respective government bodies.