Providenciales, Turks and Caicos Islands – Monday, 4th May 2026: The Treasury department advises all public officers that, with the commencement of the new financial year and the partial release of the approved Budget, that strict adherence to the Public Financial Management (PFM) Regulations is required. To ensure fiscal discipline and transparency, the following directives must be observed across all Government Ministries and Departments.
1. "No Purchase Order, No Payment" Policy
The Government maintains a strict No Purchase Order, No Payment policy.
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A valid, approved Purchase Order (PO) must be generated prior to the procurement of goods or services.
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Payments will not be processed for commitments made outside of this process.
2. Budgetary Control and Warrants
Officers must ensure that all expenditures remain within the approved budget limits and authorized warrants. Any commitment exceeding these limits without prior formal virement or supplementary approval is a breach of the Public Finance Management Act and Regulations.
3. Procurement and Value for Money
All procurement activities must strictly comply with the Public Procurement Act. Officers are responsible for ensuring that every transaction delivers Value for Money (VFM) and follows the competitive bidding or quotation requirements as prescribed by law.
4. Compliance with the 30-Day Payment Rule
In accordance with PFM Regulation 75(1), the Government is committed to ensuring timely settlement of vendor by invoices. All valid invoices for goods and services received must be processed and settled within 30 days.
Failure to comply with these directives may result in delays in payment processing.
All Ministries, Departments, and Agencies should ensure this notice is strictly observed by all relevant staff.