Treasury Single Account in Portugal

for the Ministry of Finance

The European Commission supported the Portuguese national authorities in their efforts to improve the functioning of their Treasury Single Account.

Context

The Ministry of Finance used the momentum of the reform of the budget framework law and the additional information provided by the new framework to modernise cash management and enhance its capacity to forecast non-tax revenue.

Support delivered

The support provided by the Commission and the World bank will take the form of on-site missions and workshops.

The measures consisted of:

• reviewing the functions of the Debt and Treasury Management Agency;
• developing a new cash management model;
• streamlining non-tax collection and accounting procedures; and
• providing recommendations for improvements in the architecture of the Financial Management Information System

Results achieved

Support from the Commission delivered the following results:

• more effective cash management; and
• improved non-tax revenue collection and accounting.

And had the following impacts:

• reduced level of debt and hence costs of borrowing; and
• fostering sound financial management.